AMCON Endorses Abia State’s Initiative to Revive Star Paper Mills
The Asset Management Corporation of Nigeria (AMCON) has officially authorized Abia State to undertake the revitalization of the defunct Star Paper Mills. This move marks a significant step towards restoring the once-thriving industrial facility, which has been inactive for several years.
Reviving a Key Industrial Asset
Star Paper Mills, once a cornerstone of the local economy, had ceased operations due to financial and operational challenges. With AMCON’s approval, Abia State is now positioned to inject new life into the mill, aiming to boost employment and stimulate economic growth in the region.
Economic Impact and Future Prospects
Revitalizing Star Paper Mills aligns with broader efforts to rejuvenate Nigeria’s manufacturing sector, which contributes approximately 10% to the nation’s GDP as of 2024. The reopening of the mill is expected to create hundreds of jobs and enhance local production capacity, reducing reliance on imported paper products.
Government Collaboration and Support
This approval reflects a collaborative approach between federal agencies and state governments to address industrial decline. Abia State’s commitment to this project underscores its dedication to economic diversification and sustainable development.
For more updates on this development and other industrial news, stay tuned.
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