Chinese Firm to Invest US $ 600 M in Kano (Nigeria)

Shandong Ruyi Technology Group, a China-based multinational enterprise operating textile and apparel businesses, will invest US $ 600 million in the textile industry of Kano State, Nigeria. This was decided following the recent talks between the Kano State Investment Promotion Agency and the company officials.

Both the parties are expected to sign a Memorandum of Understanding (MoU) and make this deal official in the coming few months. “We are about to conclude talks with them (Shandong Ruyi Technology Group) and they are encouraged by the commitment of the State Governor’s administration to provide tax incentives as well as free land for this huge investment,” averred Alhaji Isyaku Umar Tofa, Chairman, Kano State Investment Promotion Agency.

The decision to provide free land to Shandong Ruyi is a part of the measures that the Nigerian Government is taking to attract Foreign Direct Investment (FDI) into the country. The deal between the textile manufacturer and the Government will not only boost the struggling Nigerian textile industry but also create employment opportunities for locals. The textile industry was once the backbone of the country’s economy.

Information on when the MoU signing will take place is yet to be announced by the Nigerian Government. Also, inputs on commissioning date of the project and other key details will be shared as and when received. Watch this space for more information.