FG Begins Talks to Revive Textile Factories and Ajaokuta Steel

The Federal Government says it is in talks with investors and development partners to revive abandoned textile factories and reposition them as modern industrial parks. The plan is part of efforts to rebuild Nigeria’s cotton, textile and garment value chain, linking farmers, manufacturers and garment producers. Minister of State for Industry, Senator John Enoh, said the government is also negotiating with an international consortium on the long-delayed Ajaokuta Steel Company. He said a functional steel industry is essential to Nigeria’s wider industrialisation plans. The government hopes the National Industrial Policy will expand manufacturing, create jobs and raise industry’s contribution to GDP to 25 percent by 2030. It is also pursuing cheaper industrial power, long-term financing and greater patronage of locally made goods.

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