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Nigeria, China sign $2 bn MoU on cotton industry

15
Sep '18
Nigeria has signed a memorandum of understanding with Chinese firm Shandong Ruyi International Fashion Industry for an investment of $2 billion in Katsina, Kano, Abia and Lagos states to grow, gin and spin cotton and manufacture textiles and garments, minister of industry, trade and investment Okechukwu Enelamah announced recently in Abuja.

The project will involve manufacturing at least 300 million metres of African print to meet 20 per cent of West Africa’s demand, he said.

The government is aggressively implementing the Nigeria Industrial Revolution Plan for industrialisation by establishing the Nigeria Industrial Policy and Competitiveness Advisory Council, Nigerian media reported Enelamah as saying.

The focus would be on five high priority areas: policy and regulation, trade and markets, critical infrastructure, skills, capacity building and lastly financing.

Infrastructure at many existing industrial parks are being upgraded to turn those into world-class special economic zones, he added. (DS)

Fibre2Fashion News Desk – India


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