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Kwara secures $56mn Chinese investment for textile park
13
Jun '16
Western Nigerian state of Kwara has secured a $56 million investment from a Chinese company for setting up of a textile industrial park in the state, according to local media reports.

The agreement for establishment of Kwara Chitex Industrial Park was finalised and signed during Kwara governor Alhaji Abdulfatah Ahmed's recent visit to Ningbo, in east China's Zhejiang province.

As part of the deal, Ningbo Jinsheng Star Import and Export Company would invest $56 million in Nigeria for setting up of the textile park, while Kwara state would provide up to $5 million in counterpart funding and also make available 400 hectares of land as well as infrastructure support.

Once operational, the textile park is likely to provide employment opportunity to 3,000 people, Ahmed said.

Kwara government is focusing on manufacturing to stimulate its economy and create jobs. “We are looking for investors especially in the area of manufacturing,” Ahmed said.

The state has very young population, which can provide strong workforce for industrialisation. (RKS)

Fibre2Fashion News Desk – India

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