Nigeria and China have signed a $3.3 billion agreement to develop the Brass Industrial Park and Methanol Complex in Bayelsa State. The Director of Information and Public Relations for the Federal Ministry of Finance, Mohammed Manga, announced in a statement that the deal was finalized during the Africa-China Conference in Beijing.
He described the project as “transformative,” with the potential to significantly boost Nigeria’s industrial output while creating critical job opportunities. Manga called the agreement a reaffirmation of both nations’ “commitment to deepening economic cooperation, strengthening bilateral ties, and promoting sustainable development.”
The statement highlighted the significance of the inaugural China-Nigeria Economic Cooperation and Trade Conference, held in conjunction with the 2024 Forum on China-Africa Cooperation (FOCAC), which has paved the way for expanded collaboration and growth between the two countries.
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, emphasized the importance of South-South cooperation in achieving Nigeria’s sustainable development goals. He noted President Bola Tinubu’s commitment to creating a business-friendly environment to attract increased investments, particularly in infrastructure, energy, and industry.
The discussions also focused heavily on infrastructure development, a key aspect of the China-Nigeria partnership. Both countries reaffirmed their dedication to joint infrastructure projects, such as roads, bridges, and energy systems, aimed at accelerating industrialization and fostering long-term economic growth in Nigeria.
Additionally, financial and security cooperation was a priority, with both nations agreeing to enhance intelligence sharing to combat money laundering and financial crimes.
Mr. Manga stated that this development represents a crucial step towards establishing a secure and transparent financial landscape, paving the way for sustained economic cooperation between the two nations.
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