Nigeria
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.
Photo: Leadership
Go to video
Atiku’s candidacy in doubt after Nigerian court ruling
02:09
Tinubu's economic reforms draw mixed reactions ahead of Nigeria election
02:21
Nigeria: Igbos In Abuja mark New Yam Festival in grand style.
01:17
Surviving Nigerian miners recount ordeal in detention after 37 deaths
02:03
Nigeria appoints panel to probe deaths of 37 miners in holding cell
02:06
Nigeria gold miner deaths spark protests in Niger state