Kwara secures $56m investment from China

Tunde Akanbi, Ilorin

The Kwara State Government says it has secured a fifty-six million dollars investment from China for the establishment of a textile industrial park in the state.

The Senior Special Assistant, Media and Communications to the Governor, Dr Muideen Akorede, said this in a statement issued in Ilorin.

The statement said Governor Abdulfatah Ahmed concluded the investment deal during his investment trip to East China.

It also said the agreement for the establishment of Kwara Chitex Industrial Park was signed by Governor Ahmed and Mr Shi Zengchao, the Managing Director of Ningbo Jinsheng Star Import and Export Company Limited.

The statement said the event took place at the eighteenth China Zheijand Investment and Trade Symposium held in Ningbo, East China.

“The initiative involved three point seven billion dollars worth of investments in thirty-one projects out of which one point four billion dollars was for outbound investments”.

Kwara Chitex Industrial Park, it said, was the only Nigeria-bound one.

The statement quoted the governor as expressing delight over the multimillion dollar project which was expected to commence soon.

The park, according to the governor, would create three thousand jobs for the people of the state.

It also quoted Ahmed’s Chief Economic Assistant, Mr Abayomi Ogunsola, as saying government would provide about one billion naira in counterpart funding and four hundred 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.

Governor Ahmed, it said, offered prospective investors incentives such as tax relief and accelerated land acquisition process.