Nigerian textile manufacturing industry has been struggling in the recent past. As per the statistics available, between 1980 and 2016, around 145 textile companies had curtained operations due to the sluggish economic scenario, lower yield from cotton seed, insufficient power supply, etc.
To get give the industry a new lease of life, Shandong Ruyi International Fashion Industry Investment Holding Co. Ltd. will invest US $ 2 billion to aid the sector develop its first-ever cotton value chain — from cotton growing to ginning, spinning, textile and garment manufacturing.
The deal was inked between the company and Nigeria’s Ministry of Industry, Trade and Investment.
Under the deal, the manufacturing facilities will be set up in Katsina, Kano, Abia and Lagos.
Also, the Nigerian Government will set up three Special Economic Zones for the textile and garment manufacturing industry.