Chinese Rui Group Invests $2bn in Nigeria’s Cotton Industry

Motor InsuranceMinister of trade and nvestment, Mr Okechukwu Enelamah PHOTO: PHILIP OJISUA
  • Chinese Rui Group Invests $2bn in Nigeria’s Cotton Industry

Federal government’s efforts at deepening growth and diversifying the economy has started paying off, according to the Minister of Industry Trade and Investment, Okechukwu Enelemah.

Enelemah said the just concluded meeting, Forum for African Cooperation (FOCAC), in China has helped lure Chinese company, Rui Group, to Nigeria.

According to the Minister, Rui Group just paid $2 billion investment commitment into Nigeria’s cotton, textile and garment sector.

Speaking to newsmen, Enelemah said the investment includes commitment into Nigeria’s special economic zones.

The industrial parks will focus on cotton “as you could see on the investment commitments by the Rui Group.”

“For a country of 200 million, we need more industrial parks to facilitate trades, integrate economies, and inter-link various market chains and values.”

“Our goal is to ensure that within one year, we would have succeeded with the first phase of the investments in this area in feasibility planning, with other financial commitment following accordingly.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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