The Kano second Economic and Investment Summit has ended yesterday with 10 companies signing Memorandum of Understanding (MoU) with the state government for investment in various economic and business subsectors in the state.
The companies include Brains & Hammers, Milestone International, Arewa Solar PV Synergy; Black Rhino & Dangote; Broad base Nig ltd; Eighteen Engineering Company (EEC); Multi Vission Nig ltd; Shara Dukiya Nig ltd; Dangote Rice and Qingduo Solar Energy.
Daily Trust observed that three out of the 10 companies, Arewa Solar PV Synergy, Black Rhino and Qingduo St Marry had entered into agreement with the state government to construct 100mwts solar energy power plant each.
Arewa solar would construct the plant at the cost of $150m with the state government providing 13 per cent, Black Rhino’s project to be located in Gabasawa local government would also commit $150m dollars but Kano state would contribute 20 per cent of the total sum of the contract, as well as land and other facilities.
The third company, Qingduo St Marry would invest $120m and would finance the project 100 per cent.
Daily Trust observed that Brains & Hammers would construct Kanawa Economy City at the cost of N146bn and already government had provided 121 hectors of land at Dangoro town for the project. The Milestone International would establish a tricycle assembling plant in the state at N630m, while the company would shoulder 80 per cent of the investment, Kano state government would contribute 20 per cent.
The Broad Base would establish optic fiber at the cost of $200m while the ECC had agreed to construct a light rail in the state at the cost of $1.8bn with 85 per cent of the total amount coming from the company and the balance of the 20 per cent from Kano state government.
Also, the Multi Vision Nig ltd would invest N2bn in the provision of license and smart cards for effective vehicles’ security, while Dangote Rice would construct rice mill in the state at the cost of $30m.
Speaking at the closing ceremony of the summit, the state Governor, Dr Abdullahi Umar Ganduje said, Kano state government had made the summit a yearly event in the state, while the summit committee would be retained as permanent.
Ganduje said, “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.