Home BUSINESS Kwara Attracts $56 Million Chinese Investment

Kwara Attracts $56 Million Chinese Investment

Kwara state governor, Alhaji Abdulfatai Ahnad

The Kwara Government has announced that it has secured a $56million investment from China for the establishment of a textile industrial park in the state.

In a statement in Ilorin, the Senior Special Assistant, Media and Communication to the Governor, Dr. Muideen Akorede, quoted Governor Abdulfatah Ahmed as saying that the government concluded the investment deal during his current investment trip to East China.

The statement said that the agreement for the establishment of Kwara Chitex Industrial Park was signed by governor Ahmed and Shi Zengchao, the Managing Director of Ningbo Jinsheng Star Import and Export Company Limited.

The statement said that the event took place at the 18th China Zheijand Investment and Trade Symposium in Ningbo, East China.

It said that the initiative involved $3.7 billion worth of investments in 31 projects out of which $1.4 billion was for outbound investments.

The statement said that the Kwara Chitex Industrial Park was the only one Nigeria- bound, quoting the governor as expressing delight over the multimillion dollar project which was expected to commence soon.

The park, according to the governor, would create 3,000 jobs for the people of the state.

“We are looking for investors, especially in the area of manufacturing. We have a very youthful population which shows there is a strong workforce that can support industrialization.

“There are opportunities in textiles, agriculture, mining and other areas, the potentials are huge,’’ the statement quoted Ahmed as saying.

It quoted Ahmed’s Chief Economic Assistant, Abayomi Ogunsola, as saying that government would provide about N1billion in counterpart funding and 400 hectares of land as well as infrastructure support.

The statement also said the governor held preliminary talks with potential investors in agribusiness and agro allied industries during the visit to China.

It said that governor Ahmed offered prospective investors incentives such as tax relief and accelerated land acquisition process. [myad]