Nigeria: Odu'a group, ABUAD to revive Ado-Ekiti textile mill with $32.5m
(Ecofin Agency) - In Nigeria, the Odu’a Group of Companies in partnership with Afe Babalola University, Ado Ekiti (ABUAD) has revealed plans to spend N12 billion ($32.5 million) to revive its textile mill in Ado Ekiti, converting it into an industrial park.
Adewale Raji (photo), the GMD of Odua conglomerate, said on the occasion of the announcement: “In this partnership, ABUAD is 60 per cent shareholder while Odu’a is 40 per cent. We are very optimistic about the sustainability of the centre. It is our hope that within a short period, we will develop a reputation for excellence through the giant strides and accomplishment of its graduates and the industrial products of the proposed industrial park.”
The industrial park will comprise 31 small-scale industries which will get their materials from ABUAD. The two parties also intend to establish a vocational and skill centre as well as an academic centre where diploma in three engineering courses and Advanced level certificates would be awarded. The centre would offer training in 12 courses.
Speaking at the formal presentation of the project design on Tuesday, Afe Babalola (SAN), ABUAD’s founder, expressed regret at the level of retrogression in economic and technological development of the country “We shouldn’t allow such textile mills that were the hub of Ekiti’s economy to die. But with this plan, the factory will bounce to life by becoming an employment generation, vocational and academic centre, where people can benefit,” he said.