Italian shoemaker to invest in Nigerian manufacturing plant
The Italian Shoe manufacturer, World Investment Manufacturing group, has entered into a joint agreement with Nigeria’s Imo State government in the east of the country to establish a new footwear manufacturing plant. Capable of producing 1,500 to 2,000 pairs per day, the plant will create an estimated 500 to 550 new jobs.
Speaking to the local press last week, the chairman of the project, Engineer Chibuike Achigbu, explained that the Italian company will be taking a 40% stake in the new factory, which forms an essential part of the government’s plans to revive manufacturing in Imo State. The remaining 60% stakeholding will be taken by the Imo State Government itself.
The facility will make use of an existing shoe factory that suffered years of neglect under various military administrations, and is estimated to need an initial investment of N500 million ($4 million). The investment plan makes provision for all new manufacturing machinery.
Achigbu said that once the profitability of the plant had been established, the partners would then look to bring other investors on board to fund further expansion. All production will go to export.
