Walking the talk of economic diversification, the Kwara State government has taken another leap on boosting investment drive in the state, the latest business trip of Governor Abfulfatah Ahmed to China has proven so.
Governor Ahmed secured a $56 million Chinese investment deal for the establishment of a textile industrial park in the state. The deal was signed during the 18th China Zheijand Investment and Trade Symposium, held in Ningbo, East China, over the weekend.
The Senior Special Assistant (SSA), Media and Communication to the governor, Dr. Muideen Akorede, described the trip as identical to President Buhari’s recent successful investment drive to China.
The agreement for the establishment of Kwara Chitex Industrial Park was signed between the Governor and Mr. Shi Zengchao, Managing Director, of Ningbo Jinsheng Star Import and Export Co Ltd.
The signing, which was part of the Ningbo Major Investment Projects Signing Ceremony organized by the Ningbo Municipal People’s Govt, involved a total of $3.7b worth of investments in 31 projects out of which $1.4b was for outbound investments with the Kwara Chitex Industrial Park being the only Nigerian bound.
The governor, in his goodwill message, expressed delight about the multi-million dollar project which according to him is commencing soon. Ahmed stressed that the State is focusing on manufacturing in his quest to stimulate the economy and create more jobs.
According to the Governor, the Kwara Chitex Textile Industrial Park is expected to create 3000 local jobs when operational.
“We are looking for investors especially in the area of manufacturing. We have a very youthful population which shows there is a strong workforce that can support industrialisation. There are opportunities in textiles, agriculture, mining and other areas. The potentials are huge”, he added.
Providing further details of the deal, Governor Ahmed’s Chief Economic Assistant and DG of the state PPP Office, Mr. Abayomi Ogunsola said the deal involves the state government providing up to N1b in counterpart funding and 400 hectares of land as well as infrastructure support.
Governor Ahmed also held preliminary talks with potential investors in agribusiness and Agro-allied industries, and offered them incentives such as tax relief and accelerated land acquisition.