Ganduje Seals $3b Investment Deals with 10 Firms

May 26, 2017
Ganduje Seals $3b Investment Deals with 10 Firms

Ganduje Seals $3b Investment Deals with 10 Firms

By Dipo Olowookere

The second edition of the Kano Economic and Investment Summit, which ended on Wednesday, May 24, 2017, can in every ramification be said to be largely successful going by the worth of deals sealed by the state government through the event.

Not less than 10 local and international investors used the occasion to sign formal bilateral agreements with the state government under the leadership of Governor Abdullahi Umar Ganduje for investment in various economic sub-sectors in the state.

It was gathered that the biggest of all was the sealing of a Memorandum of Understanding between the state government and Eighteen Engineering Company (EEC) for the construction of a light rail system at the cost of $1.85 billion.

When completed, the project is expected to spur the economy of Kano State, which will in turn boost the Internally Generated Revenue of the state.

Kano is the most populous state in Nigeria, according to the 2006 census in Nigeria and with an efficient transport system in place, the economy is expected to experience a geometric leap.

Also at the summit, tagged #Kaninvest, Multi Vision Nigeria signed a deal with the government to invest about N2 billion in the production of Licensing and Smart Card.

Furthermore, BroadBased Nigeria Ltd completed an agreement for the provision of optic fibre cable communication network for Kano metropolis at the cost of $200 million.

Similarly, Brains & Hammers will construct Kanawa Economy City at the cost of N146 billion and the government had already provided about 121 hectors of land at Dangwauro town for the project.

On its part, Milestone International has concluded plans to establish a tricycle assembling plant in the state at N630 million.

Three other companies, Arewa Solar PV Synergy, Black Rhino and Qingdao St Meer Solar Energy Investment had entered into agreement with the state government to construct 100 megawatts solar energy power plant each.

Arewa Solar PV Synergy would construct the plant at the cost of $150 million with the state government providing 13 percent, Black Rhino’s project to be located in Gabasawa local government would also commit $150 million, while Qingdao St. Meer would invest $120 million and would finance the project 100 percent.

The other investor, Shara Dukiya Nigeria Ltd, will construct a waste management plant at the cost of $100 million even as Dangote Rice Ltd will commit $30 million to the construction of a large integrated rice mill in the state.

Speaking at the closing ceremony of the summit, the state Governor, Dr Abdullahi Umar Ganduje, stated that the event would hold annually, while the summit committee would be remain permanently.

“With this development, we are expecting to meet again by next year to showcase our achievements and challenges related to the economic growth of the state. I am therefore calling on the companies that have entered into agreement with Kano state government to sit up in order to meet the expectations,” Dr Ganduje urged.

He expressed hopes that resolutions of the summit would eventually become a prosperity framework for Kano.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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