News & Reports

Nigeria signs $2billion industrial parks agreement

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 recently in Abuja, 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 would include new funding, new players, and certainly, professional park managers as well as modern infrastructure’’.

“On the $2 billion commitment with Ruyi Group for industrial parks, our goal is that by 2019 the initial investment would have happened, he stated.

He noted that the public – private partnership model was to be used that would involve not just the Nigerian Government, but also other development banks and development financial institutions that would work to make sure they attract the players in the industry.

Facebook Comments
Lanre Alabi
Lanre Alabi
Lanre Alabi is the Publisher/Editor-in-Chief of Infrastructure Development Magazine

Stories you may like