Initiatives Aimed at Reviving Cotton Production in Africa
2024-05-02 18:16:43
Efforts to Revitalize African Cotton Production
In a strategic partnership, Better Cotton and Afreximbank, with support from the World Trade Organization (WTO), are spearheading initiatives to bolster cotton production across Africa, particularly in Nigeria.
Recent measures by the Central Bank of Nigeria (CBN) restricting forex access for textile imports have led to a modest resurgence in Nigeria's cotton market.
To further amplify production, Afreximbank has introduced the African Cotton Initiative (AFRICOTIN), aimed at invigorating the entire cotton value chain to generate substantial income opportunities for millions across the continent.
Afreximbank's commitment is evident with a robust cotton pipeline, including $195 million in textile and cotton Parks in Burkina Faso and textile and garments industrial parks in Nigeria.
