The establishment of Africa’s biggest textile industrial part is set to start in Nigeria, after the Kano state signed an MoU with Chinese Shandong Ruyi Technology Group.
The multinational company in July pledged to invest $600 million in the garment industry.
Many textile plants in Nigeria have been shredded by the recession the continent’s giant economy has suffered recently.
With a fall in oil prices, this sector is offering another window of opportunity for businessmen.
Kano State Govt has signed a $600Million MoU for the establishment of a Textile Industrial Park in Kano biggest in Africa by Ruyi Group. pic.twitter.com/GxVI2m9flC— Peacock (@dawisu) September 24, 2017
Both the government and unemployed youth will benefit from this venture seen as lease of life where access to funding is the biggest obstacle.
When President Muhammadu Buhari came into power, he had hoped to revive the once flourishing textile and leather industry in northern Nigeria to end the country’s dependence on oil exports and also diversify Africa’s biggest economy.
A single establishment like the Kano one can employ a minimum of 5,000 people.