Chinese company ‘to invest $600m’ in Kano textile industry

Shandong Ruyi technology group, a Chinese multinational company, will invest $600 million in Kano textile industry, Isyaku Umar Tofa, chairman of the state investment promotion agency, has said.

Tofa said this at the presentation of certificates of occupancy to Black Rhino/Dangote group and St. Meer international investment and management company by Abdullahi Ganduje, governor of Kano state.

While Black Rhino/Dangote is expected to construct a 100-megawatt solar power plant at the cost of $150 million, St. Meer will do same for $120 million.

The chairman said talks between the investment promotion agency and the Chinese company had reached an advanced stage. and it is expected that a memorandum of understanding (MoU) would be signed in a few months.

He added that a memorandum of understanding (MoU) would be signed in a few months.

“We are about concluding talks with them and they were encouraged by the commitment of the Ganduje administration to provide tax incentives as well as free land for their huge investment,” Tofa said.

On his part, Ganduje explained that the state gave free portions of land to Black Rhino/Dangote group and St. Meer in order to attract foreign direct investment.

He expressed optimism that the two companies would help in addressing the state’s energy deficiency.

“It is in our interest to encourage investment in areas which have potential multiplier effects on the growth of the economy, including employment generation,” the governor said.

“We are willing to remove any stumbling blocks towards the success of your investments because of benefits that will come to our state.”