Kaduna Textile Coming Back With N4.5Bn Investment
Nigerians like good clothes on their backs.
But Nigeria has no functioning cloth-making factory.
Instead, people rely on millions of textile factories across Europe and Asia for their clothes.
But all that is about to change.
The New Nigeria Development Company, NNDC says it will invest 15 million dollars, about 4.5 billion naira through a partnership with a Turkish firm to reactivate the collapsed Kaduna Textile Company.
The Group Managing Director of NNDC, Dr Ahmed Musa, said this to newsmen shortly after a closed-door meeting with the Turkish business delegation at the NNDC’s head office in Kaduna.
The delegation had earlier inspected the site of the firm and the Defence Industries Corporation of Nigeria, both at the Kakuri Industrial Layout in Kaduna.
The GMD said the NNDC and the Turkish firm, Sur International Textile, would invest the amount in revitalising the Kaduna Textile.
According to the proposal, the Turkish firm will provide 35% of the amount, the Federal Government will provide 45% and KTL will give 20% of the funds.
Musa said in a short term, the KTL would produce uniform needs for the Nigerian Armed Forces as well as the Police and other paramilitary agencies in the country, and across the West Africa sub-region.