Many textile plants in Nigeria have been shredded by the recession the continent’s giant economy has suffered recently but with the Kano State Government signing a Memorandum of Understanding (MoU) with Shandong Ruyi Technology Group of China for the establishment of $600 mn Textile Industrial Park in Kano. This venture is seen as lease of life to the once flourishing textile industry. The Secretary to the State Government, Alhaji Usman Alhaji and the company’s Chairman, YafuQiu, signed the agreement at the weekend at the company’s headquarters in Jining, Shandong, China.
Shandong Ruyi is China’s leading innovative technology textile enterprise and the planned multi-mn dollar investment in Kano will be its biggest in Africa, upon completion. Governor Abdullahi Umar Ganduje, who had visited one of the group’s factories, described the event as “the biggest foreign direct investment expected in the state in recent times.” The Chairman of Ruyi Group.
YafuQiu, said that the investment was to hasten growth and support global development, adding that having the governor to come for the signing of the MoU boosted his confidence in the implementation of the project. A single establishment like the Kano one can employ a minimum of 5,000 people.