Kwara State Finalised $56m Chinese Investment

The Kwara State Government has secured a $56m Chinese investment for the establishment of a textile industrial park in the state.

The State Governor, Alhaji Abdulfatah Ahmed finalised the investment during his current investment trip to East China.

The agreement for the establishment of Kwara Chitex Industrial Park was signed between the Governor Ahmed and Mr. Shi Zengchao, Managing Director, of Ningbo Jinsheng Star Import and Export Co Ltd. at the The 18th China Zheijand Investment and Trade Symposium, held in Ningbo, East China over the weekend.

The signing, which was part of the Ningbo Major Investment Projects Signing Ceremony organized by the Ningbo Municipal People’s Govt, involved a total of $3.7b worth of investments in 31 projects out of which $1.4b was for outbound investments with The Kwara Chitex Industrial Park being the only Nigerian bound.

Speaking after the signing, Governor Ahmed expressed delight about the multi-million dollar project, which is expected to commence soon, stressing that the State is focusing on manufacturing to stimulate its economy and create jobs.

According to the Governor, the Kwara Chitex Textile Industrial Park is expected to create 3000 jobs when operational.

“We are looking for investors especially in the area of manufacturing. We have a 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’, he said.

While providing further details of the deal, Governor Ahmed’s Chief Economic Assistant and DG of the state PPP Office, Mr. Abayomi Ogunsola said the deal involves the state government providing up to N1b in counterpart funding and 400 hectares of land as well as infrastructure support.

Governor Ahmed also held preliminary talks with potential investors in agribusiness and Agro allied industries, and offered them incentives such as tax relief and accelerated land acquisition.