Nigeria and a Chinese firm signed a Memorandum of Understanding (MoU) on first-ever cotton value chain industry, worth $2 billion.
Mr Okechukwu Enelamah, the Minister of Industry, Trade and Investment, has made this known in Abuja where he said the agreement was signed with Shandong Ruyi International Fashion Industry.
He said: “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.
“Others are producing cotton and denim garments for export and local consumption by Ruyi Group in Abia, Lagos and Kano states.”
He added that in China, President Xi Jinping promised to open China’s market for agricultural products from Nigeria, based on trade negotiating engagements by Nigeria’s Trade Negotiators.