(Ecofin Agency) - Chinese multinational company, Shandong Ruyi Technology Group Co., is set to invest $600 million in the textile and garment industry in Kano state, according to Isyaku Umar Tofa, the chairman of the state Investment Promotion Agency. Tofa disclosed this during the presentation of Certificates of Occupancy to two investors, by the state governor in Kano.

According to him, talks are advancing between the company and officials of the Kano state Investment Promotion Agency and a Memorandum of Understanding on the investment is expected to be signed in the next few months. “We are about concluding talks with them and they were encouraged by the commitment of the Ganduje administration to provide tax incentives as well as free land for their huge investment.”

Also speaking at the ceremony, the Governor of Kano, Abdullahi Umar Ganduje (photo), revealed that the decision to award the land for free, was in line with effort to stimulate competitiveness and attract Foreign Direct Investment.

“It is in our interest to encourage investment in areas which have potential multiplier effects on the growth of the economy, including employment generation,” the governor stressed.

Anita Fatunji