Nigeria and China sign $2 billion MoU on cotton industry

Photo from Internet

Nigeria has signed a memorandum of understanding with Chinese firm Shandong Ruyi International Fashion Industry for an investment of $2 billion in Katsina, Kano, Abia and Lagos states to grow, gin and spin cotton and manufacture textiles and garments, minister of industry, trade and investment Okechukwu Enelamah announced recently in Abuja.

The project will involve manufacturing at least 300 million metres of African print to meet 20 per cent of West Africa’s demand, he said.

The government is aggressively implementing the Nigeria Industrial Revolution Plan for industrialisation by establishing the Nigeria Industrial Policy and Competitiveness Advisory Council, Nigerian media reported Enelamah as saying.

The focus would be on five high priority areas: policy and regulation, trade and markets, critical infrastructure, skills, capacity building and lastly financing.

Infrastructure at many existing industrial parks are being upgraded to turn those into world-class special economic zones, he added.

Laws & Regulations
• Egypt’s tax-free car import initiative generates $... 03-20
• Resource curse: more Africa countries could benefi... 01-16
• Morocco Announces Cigarette Price Hike for 2024 as... 12-27
• Nigeria wins appeal in landmark ruling against Pro... 11-16
• Togo, Benin slash telecommunication charges 10-24
• Egypt adopts new strategy to increase industry’s c... 10-05

Trade Shows
• African Energy Week (AEW) 2024: Date Set 10-12
• Cityscape Egypt 2023 expo kicks off on Tuesday wit... 09-19
• Cotonou to host first Auto Moto Show on October 12... 06-27
• Ministerial Forum a top feature at Big 5 Construct... 05-17
• THE BUILD&DECOR EXPO 05-06
• SIAM: Moroccan, International Companies Showcase I... 05-03