In a bid to walk the talk of economic diversification, the Kwara state government has taken another leap on boosting investment drive in the state.
Kwara state officials say the latest business trip of Governor Abdulfatah Ahmed to China will prove an economic master-stroke in the months ahead.
Governor Ahmed secured a $56m 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.
According to the Senior Special Adviser on Media and Communication to the governor, Dr Muideen Akorede, the trip is similar to president Muhammadu Buhari’s 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 Jingsheng Star Import and Export Co Ltd.
The signing, which was part of the Ningbo Major Investment Projects signing ceremony organized by the Ningbo Municipal Peoples Govt, involved a total of $3.7bn worth of investments in 31 projects out of which $1.4bn was for outbound investments with the Kwara Chitex Industrial Park being the only Nigerian bound.
The governor in his goodwill message, expressed delight with the multi-million dollar project which according to him, commences 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 3,000 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 industrialization. There are opportunities in textiles, agriculture, mining and other areas. The potentials are huge”, the governor 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 N1bn in counterpart funding and 400 hectares of land as well as infrastructure support.
Governor Ahmed also held preliminary talks with potential investors in agri-business and Agro-allied industries and offered them incentives such as tax relief and accelerated land acquisition.
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