NEC approves cotton, textile development board, $90bn agribusiness, livestock plan to boost nation’s economy
The National Economic Council (NEC) has officially approved the formation of a Cotton, Textile and Garment Development Board with the goal of proposing innovative strategies for agribusiness expansion and livestock transformation. This initiative is projected to contribute as much as $90 billion to Nigeria’s economy by 2035.
In a statement by Stanley Nkwocha, Senior Special Assistant on Media and Communication to the Vice President, the plan aims to “reposition Nigeria’s economy and tackle insecurity at its roots.” This momentous decision came during the 149th NEC meeting held at the Presidential Villa in Abuja, chaired by Vice President Kashim Shettima. The meeting included participation from the governors of the 36 states, the Central Bank Governor, the Minister of Finance, and other prominent government figures.
To honor the victims of recent violence in Benue and Plateau States, the meeting commenced with a minute of silence. The council expressed its condolences to the people and governments of the affected areas.
In addition to establishing the Cotton, Textile and Garment Development Board, the NEC approved the initiation of the Green Imperative Project with both national and regional offices established across Nigeria’s six geopolitical zones. The project is also set to address ongoing challenges stemming from the current animal husbandry system in the country.
Nkwocha stated that the new board will serve as Nigeria’s regulatory body for the cotton, textile, and garment sector, including governors from the six geopolitical zones, as well as representatives from the Ministries of Agriculture and Food Security, Budget and Economic Planning, and Industry, Trade and Investment. Once established, the board will be located within the Presidency, operate with a private sector focus, and be financed through the Textile Import Levy collected by the Nigeria Customs Service.
Vice President Shettima urged council members to prioritize decisive action over elaborate speeches, emphasizing the urgency of delivering results for Nigeria’s citizens. He addressed the pressing need for practical governance, stating, “Governance, in truth, is not the theatre of promises. It is the solemn business of fulfilment.”
The establishment of the Cotton, Textile and Garment Development Board aligns with President Bola Tinubu’s vision for economic revival.
Shettima noted that over 34 Nigerian states have the potential to cultivate cotton, yet the country currently produces only 13,000 metric tonnes while relying heavily on textile imports.
Highlighting the board’s objectives, Shettima said, “Our goal is not just regulation. It is a revival. This is our opportunity to re-industrialize, to empower communities, and to restore pride in local production.
”He also stated that while improving food security aligns with the Nutrition 774 Initiative, the broader objective is to create an inclusive, efficient, and sustainable national food economy.
To ensure the effective implementation of strategies, Shettima proposed that the NEC Implementation Monitoring Committee conduct field visits to monitor progress and enhance accountability.
In additional updates, the Accountant-General of the Federation provided insights into the nation’s financial status, revealing figures for the Excess Crude Account, Stabilisation Account, and Natural Resources Development Account. The Minister of Education also briefed the council on ongoing skills development initiatives.
Source: PUNCH
