News

Nigeria: Odu'a group, ABUAD to revive Ado-Ekiti textile mill with $32.5m  

  • Comments   -   Wednesday, 23 August 2017 - 15:31

(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.

Anita Fatunji

Nevsun Resources announced yesterday June 14, it will extend the life of...
Read more |  15 June 2018
In Mozambique, cotton export is expected to generate $50 million by next August,...
Read more |  15 June 2018
The communal and judicial authorities in Malanville (North of Benin) organized an...
Read more |  15 June 2018
Ivorian authorities gave Africa Radio the green light to launch its activities...
Read more |  14 June 2018
Namibia’s Competition Commission approved June 13 the acquisition by Weatherly International of...
Read more |  14 June 2018
The Ugandan government plans to adopt new tax relief measures to encourage...
Read more |  14 June 2018
In Nigeria, the construction of Dangote group’s subsea gas pipeline is expected...
Read more |  14 June 2018
Nevsun Resources announced yesterday June 14, it will extend the life of...
Read more |  15 June 2018
In Mozambique, cotton export is expected to generate $50 million by next August,...
Read more |  15 June 2018
The communal and judicial authorities in Malanville (North of Benin) organized an...
Read more |  15 June 2018
Ivorian authorities gave Africa Radio the green light to launch its activities...
Read more |  14 June 2018
Namibia’s Competition Commission approved June 13 the acquisition by Weatherly International of...
Read more |  14 June 2018
The Ugandan government plans to adopt new tax relief measures to encourage...
Read more |  14 June 2018
In Nigeria, the construction of Dangote group’s subsea gas pipeline is expected...
Read more |  14 June 2018

Copyright Agence Ecofin © 2018. All Rights Reserved.