President Muhammadu Buhari has secured a $2 billion loan to establish cotton plantation and textile factories in Abia, Kano and Lagos states.

The presidency secured the deal following Buhari’s recent visit to China.

The president divulged the information on Friday, in Abuja when he played host to traditional rulers from Abia State, led by His Royal Majesty, Dr. Isaac Ikonne, Enyi 1 of Aba.

He expressed optimism that the new investment commitments coming into Nigeria’s textile sector, of which Aba is a major beneficiary, will be actualized within the shortest possible time.

President Buhari also assured the monarchs that the issue of unstable electricity and other basic infrastructure in Ariaria market, a major trading hub in West and Central Africa, would soon be a thing of the past.

Reaffirming his administration’s commitment to rapidly industrializing the country through projects that promote import substitution, thus the president maintains that the investments in the textile industry would create thousands of jobs for youths in Aba.

“Just last week, I was in China to attend the Forum for China-Africa Cooperation. During that visit, I personally met with executives of one of the largest cotton and garment companies in the world who will soon establish operations in Aba.

“This is following a joint effort of attracting this investor by both the Federal and Abia State Government.

“The proposed investment will create thousands of jobs for the vibrant and creative youths in Aba.

“I am very excited about this project. I have directed the Hon. Minister of Industry, Trade and Investment to ensure this investment is actualised within the shortest possible time,’’ the president told the visiting royal majesty and his entourage.