Kwara signs $56m deal with Chinese investor

Kwara State Government yesterday said it had signed a $56 million investment deal with a Chinese investor for the establishment of a textile industrial park in the state.

Governor Abdulfatah Ahmed finalised all procedures on the deal during a trip to East China.

The agreement for the establishment of Kwara Chitex Industrial Park was signed between Governor Ahmed and Mr. Shi Zengchao, the Managing Director of Ningbo Jinsheng Star Import and Export Company Limited at the 18th China Zheijand Investment and Trade Symposium in Ningbo, East China at the weekend.

The agreement, which was organised by Ningbo Municipal People’s Government, involved $3.7 billion investments in 31 projects out of which $1.4 billion would be for the Kwara Chitex Industrial Park.

Speaking after signing the agreement, Governor Ahmed expressed delight about the multi-million dollar project, which is expected to commence soon, stressing that the state is focusing on manufacturing to stimulate its economy and create jobs.

According to Ahmed, the textile industrial park is expected to create 3,000 jobs when operational.

“We are looking for investors, especially in the area of manufacturing. We have a 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 said.