NIGERIA AND CHINA SEALS DEAL ON COTTON INDUSTRY

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Abuja – The Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah said on
Tuesday that Nigeria has signed a Memorandum of Understanding (MoU) with a Chinese firm, on first-ever cotton value chain industry, worth two billion US dollars. President Buhari with President of Ruyi group in China Enelamah, who made this disclosure in Abuja at a news conference, said the MoU was signed with Shandong Ruyi International Fashion Industry, a Chinese firm. The minister explained that the agreement would involve cotton growing to ginning, spinning, textile manufacture and garment in Katsina, Kano, Abia and Lagos States. “Their investments will comprise aggregation and off take of cotton from farmers for ginning, spinning and weaving and manufacturing at least 300 million metres of African print, which will meet 20 per cent of West Africa’s demand.

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