Shandong Ruyi Technology Group; a Chinese textile company, has recently signed a Memorandum of Understanding with the government of Kano state Nigeria to invest $600 million in the garment industry.
The establishment of this new deal is set to boost one of Africa’s biggest textile industries and create value for both the government and unemployed youth.
This will serve as a turnaround in the revitalization of Nigeria’s textile industry which has been non-functional for years. With this new development, experts have projected an economic boom, and the exploration of new windows of opportunity for businessmen.