Nigeria, China in $2b cotton deal

0

The Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah, unveiled the deal in Abuja where he said the agreement was signed with Shandong Ruyi International Fashion Industry.

The minister explained that the agreement would involve cotton growing to ginning, spinning, textile manufacture and garment in Katsina, Kano, Abia and Lagos States.

Advertisements
Advertisements

“Their investments will comprise aggregation and off take of cotton from farmers for ginning, spinning and weaving and manufacturing at least 300 million metres of African print, which will meet 20 per cent of West Africa’s demand.

ALSO READ:  Scientists reveal red win has anti-cancer compound

“Others are producing cotton and denim garments for export and local consumption by Ruyi Group in Abia, Lagos and Kano states,” Enelamah said.

Advertisements

He added that in China, President Xi Jinping promised to open China’s market for agricultural products from Nigeria, based on trade negotiating engagements by Nigeria’s Trade Negotiators.

Enelamah said for industrialisation, the government was aggressively implementing the Nigeria Industrial Revolution Plan (NIRP) by establishing the Nigeria Industrial Policy and Competitiveness Advisory Council.

ALSO READ:  CAPACITY BUILDING, YOUTH DEVELOPMENT, KEY TO ECONOMIC BLUEPRINT – MADUMERE

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

Advertisements

Enelamah said that the government had begun the establishment and upgrading of some existing industrial parks to world-class special economic zones (SEZs), across the six geo-political zones in the country.

According to him, for the Agreement Establishing the African Continental Free Trade Area (AfCFTA), there is a serious ongoing technical work to strengthen Nigeria’s Trade Policy Infrastructure.

ALSO READ:  Court orders work resumption, as JOHESU strike meets brick-wall

-NAN-

Share with your friends
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  

LEAVE A REPLY

Please enter your comment!
Please enter your name here