Nigeria signs $2billion industrial parks agreement

Source: https://guardian.ng

The Federal Government said it has signed a $2 billion trade agreement with a Chinese textile and garment firm, Ruyi Group, for the commencement of industrial parks across the country.

The Minister of Trade, Commerce and Investment, Dr. Okechukwu Enyinna Enelamah, who disclosed this on Tuesday, in Abuja, at a press conference, explained that a country like Nigeria, with a population of over 200 million needs more parks that require government facilitation and encouragement.

Enelamah also explained that the government has embarked on a trade agreement worth $5 billion with Volkswagen, to start the production of over two million cars annually.He said: “This model industrial parks that we are launching, whether the Enyimba City, Lekki Free Trade Zone, or the Lekki Model Park, would include new funding, new players, and certainly, professional park managers as well as modern infrastructure. That is what we are aiming at, and I think so far, so good, we are making improvement.

“On the $2 billion commitment with Ruyi Group for industrial parks, our goal is that within one year some of the initial investment would have happened, the meeting with the President was actually a high point that will lead to what I call the Memorandum of Understanding (MoU), which has been signed to more final agreement. This is supposed to follow extensive due diligence, and reaching and agreement with all players of Ruyi, but the commitment after a meeting with the President is that work will move things on ground.”

He noted that this is why government decided to come up with public private partnership expected to involve not just the Nigerian Government, but also other development banks and development financial institutions that will work with the team to make sure they attract the players in the industry.

Enelemah argued that there are some industrial parks that are working in Port Harcourt, and Lagos, adding that “Those agreements that we have signed, a lot of work went into them. What is remaining is implementation, if the industrial parks were working well, we would not have embarked in such a significant and ambitious initiative.”



Categories: Africa, Business, Nigeria, Textile

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