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Benin Enterprise Park: Obaseki seals $200m investment for textile industry

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In furtherance to the Central Bank of Nigeria’s (CBN) concerted efforts to revive Nigeria’s ailing Cotton, Textile and Garment (CTG) sub-sector, Edo State Governor, Mr. Godwin Obaseki ( GovernorObaseki) has secured a..

In furtherance to the Central Bank of Nigeria’s concerted efforts to revive Nigeria’s ailing Cotton, Textile and Garment sub-sector, Edo State Governor, Mr. Godwin Obaseki has secured a $200m investment for a cotton-weaving and spinning industry at the Benin Enterprise and Industrial Park, in Sapele road axis of Benin City.

The governor said a $200 million deal has been struck with a reputable, world-renowned textile company to establish a cotton-weaving and spinning industry at the Benin Enterprise and Industrial Park, where construction is expected to begin next year. He, however, advised that the CBN’s monetary policies be followed up with robust fiscal policies, especially infrastructural development to ease the movement of locally produced goods and services.

The CBN governor, Mr. Godwin Emefiele said that the apex bank’s unconventional monetary policies have yielded positive results, helping to stabilize the Nigerian economy.

 

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