Chinese based Shandong Ruyi Technology Group is set to invest about $2,000,000,000 in Nigeria. This was the outcome of the meeting between President Muhammadu Buhari and the Executives of the Company, on the sidelines of the 7th Forum for China and African Cooperation in Beijing.
President Buhari alongside the Minister of Industries, Trade & Investments Dr. Okechukwu Enelamah and Minister of Foreign Affairs Mr Geoffrey Onyema met with Mr Yafu Qui, Chairman, Ruyi Group, Ms Aiying Li, President Ruyi Power Group and Mr Liming Sin, President Ruyi Textile Group.
The investments will facilitate the setting up of textiles and garments manufacturing establishments in the Enyimba Economic City, Abia State. An earlier Agreement has been executed between Enyimba Economic City Company Limited and Shandong Ruyi for 300 hectares of land for this purpose.
Ruyi has also indicated interest to invest in Lagos and Kano States as well as establish cotton farms in Funtua, in Katsina State.
The proposed $2,000,000,000 investment will cover the entire cotton value chain, farming, ginning, spinning, weaving and power generation to support the processes in Nigeria.
These investments are expected to catalyse activities in the textiles and garments segment of the Nigerian manufacturing sector.