A $56m Chinese investment has been secured by the Kwara Government for the establishment of a textile industrial park in the state.

Dr Muideen Akorede, the Senior Special Assistant, Media and Communication to the Governor, said this in a statement got by Economic Confidential.

The statement said Gov. Abdulfatah Ahmed concluded the investment deal during his current investment trip to East China.

It also said the agreement for the establishment of Kwara Chitex Industrial Park was signed by Ahmed and Mr Shi Zengchao, the Managing Director of Ningbo Jinsheng Star Import and Export Co Ltd.

He said the event took place at the 18th China Zheijand Investment and Trade Symposium held in Ningbo, East China.

It said the initiative involved $3.7 billion worth of investments in 31 projects out of which $1.4billion was for outbound investments.

Kwara Chitex Industrial Park, it said, was the only one Nigeria- bound.

The statement quoted the governor as expressing delight over the multimillion dollar project which was expected to commence soon.
The park, according to the governor, would create 3,000 jobs for the people of the state.

“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,’’ the statement quoted Ahmed as saying.

It also quoted Ahmed’s Chief Economic Assistant, Mr Abayomi Ogunsola, as saying government would provide about N1billion in counterpart funding and 400 hectares of land as well as infrastructure support.

The statement also said the governor held preliminary talks with potential investors in agribusiness and agro allied industries during the visit to China.

Ahmed, it said, offered prospective investors incentives such as tax relief and accelerated land acquisition process.