Thursday, September 06, 2018 10.00AM / Proshare WebTV
Chinese based Shandong Ruyi Technology Group is set to invest about $200m in Nigeria. This was the outcome of the meeting between President Muhammadu Buhari and the Executives of the Company, on the sidelines of the 7th Forum for China and African Cooperation in Beijing.
President Buhari alongside the Minister of Industries, Trade & Investments Dr. Okechukwu Enelamah and Minister of Foreign Affairs Mr Geoffrey Onyema met with Mr Yafu Qui, Chairman, Ruyi Group, Ms Aiying Li, President Ruyi Power Group and Mr Limin Sin, President Ruyi Textile Group.
The investments will facilitate the development of an industrial park in Kano one of Nigeria’s largest and commercial cities.
It will also aid the establishment of a massive cotton farms in Funtua, Katsina State and achieve the setting up of textiles and garments manufacturing establishments in Aba, Abia and Lagos States.
The proposed $200 million investment will cover the entire cotton value chain, farming, ginning, spinning, weaving and power generation to support the processes in Nigeria.
This investment is expected to catalyse activities in the textiles and garments segment of the Nigerian manufacturing sector.