Odu'a, ABUAD to invest N12bn for textile mill revival

24 Aug '17

2 min read

Nigeria-based Odu’a Investments Limited in association with Afe Babalola University at Ado-Ekiti (ABUAD) will make an investment of N12 billion for the revival of textile mill in Ado Ekiti. It is an initiative to boost the country's economy by converting the dilapidated mill into an industrial park which will house 31 small-scale industries.

In the '60s, the industrial development of Nigeria was at equivalence with countries such as Brazil and India. With time, there was a slowdown in the struggle to sustain the position resulting in shut down of various companies, ABUAD’s founder Afe Babalola said during the presentation of the project design for the utility of the mill.

Nigeria is lagging behind in the industrial development, concerned about this, Babalola said, "We should not allow the textile mill to die. It was once the hub of Ekiti’s economy. But with this plan, the factory will bounce to life by becoming an employment generation, vocational and academic centre, where people can benefit."

Both the parties have also shown interest in working towards imparting education and employment generation. At the factory site, a vocational and skill centre as well as an academic centre will be established which will offer diploma in three engineering courses and advanced level certificates. The centre will also give training in 12 courses.

"In this partnership, ABUAD is 60 per cent shareholder while Odu’a is 40 per cent. We are very optimistic about the sustainability of the centre," said Group managing director of Odu’a Investment Limited, Adewale Raji. (RR)

Fibre2Fashion News Desk – India

More Textiles News - Nigeria...