Afreximbank to set up $5-bn textile industrial facility in Nigeria

The facility, to be developed under a partnership between Afreximbank, Dubai-based Arise Integrated Industrial Platforms and Swiss textile equipment manufacturer Reiter, is expected to revive Nigeria’s cotton industry, save the country up to $4.7 billion annually in textile imports and create up to 250,000 jobs, a domestic media outlet reported.

This landmark project underscores Afreximbank’s deepening focus on industrialisation, which Oramah described as the “cornerstone of Africa’s economic transformation.”

ALCHEMPro News Desk (DS)