Nigeria: Osun govt, Chinese firm agrees on $600m industrial factory

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The Osun State Government has given the nod for the establishment of an industrial park worth N216bn with a Chinese firm, Jiangsu Wuxi Taihu Cocoa Food Company Limited.

 

The park which is meant to be a major economic hub, comprising of different investments which include cocoa bean processing, chocolate and food processing, salt processing, cassava starch processing, gold mining, and power plants,will get the full support of the state government, according to the state governor, Rauf Aregbesola.

 

Aregbesola, in a statement signed by his Media Adviser, Mr. Sola Fasure, said that the partnership with the Chinese firm, is put at $600m, and the project is expected to begin in January 2018. The state government would allocate 200 hectares of land to facilitate the establishment of the industrial park.

Through full communication and negotiation, both sides reached resolutions which are summarised as follows: “The Osun State Government of Nigeria agrees that Jiangsu Wuxi Taihu Cocoa Food Company Limited will invest to establish the industrial park in Osun State, which will allocate 200 hectares of land for the park.”

 

The total investment by Jiangsu Wuxiý Taihu Cocoa Food Company Limited in the industrial park is $600m. The first phase of the project includes six projects: Cocoa bean processing, chocolate and food processing; salt processing, cassava starch processing, gold mining and power plants.

The government will provide policy guidance for the construction of JiangsuTaihu Wuxi Industrial Park and give support of energy, infrastructure and other aspects. After the completion of the project, favourable tax terms will be given.

 

Meanwhile, the General Manager of Jiangsu Wuxi Taihu Cocoa Food Company Limited, Mr. Liu Jianhui, commended the governor for exploring every opportunity to develop the state.

He said the company decided to establish the $600m project in the state, having understudied the economic potential of Osun to grow foreign investments.

 

Liu Jiangsu assured the state of fruitful partnership that would bring change to the economic activities of the state and create a robust bilateral economic relation between the state and Chinese firm.

 

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