The Ogun State Government, South west Nigeria and Shaaxi Pharmaceutical Industry Company limited of China last week signed a Memorandum of Understanding for the construction of a $1 billion hi-tech pharmaceutical park, drug manufacturing facilities, health centres and hospitals on a 1,000 hectares of land located in Ogun Guangdong Free Trade Zone.

John Xue, Chief operation officer of Ogun Guangdong FTZ, described the $1 billion investment as the biggest investment so far in the industrial park which hosts 50 manufacturing facilities, 30 of which have employed 4,500 Nigerian workers.

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