Nigeria and China have finalized a $3.3 billion agreement to develop the Brass Industrial Park and Methanol Complex in Bayelsa State, marking a major milestone in the economic cooperation between the two nations.
The Director of Information and Public Relations at the Federal Ministry of Finance, Mr. Mohammed Manga, announced the deal, which was signed on the sidelines of the Africa-China Conference in Beijing.
According to Manga, the “transformative project” is expected to significantly boost Nigeria’s industrial production and create substantial employment opportunities. He described the agreement as a reaffirmation of the commitment of both nations to deepening economic cooperation, strengthening bilateral relations, and fostering sustainable development.
The agreement was part of the discussions at the inaugural China-Nigeria Economic Cooperation and Trade Conference, held alongside the 2024 Forum on China-Africa Cooperation (FOCAC), which has set the stage for unprecedented collaboration and economic growth between the two countries.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, emphasized the importance of South-South cooperation during the event, highlighting its key role in achieving Nigeria’s sustainable development goals. Edun also underscored President Bola Tinubu’s commitment to creating a business-friendly environment that attracts investment, particularly in infrastructure, energy, and industry.
Infrastructure development was a central focus of the China-Nigeria discussions, with both nations reiterating their commitment to joint projects, including roads, bridges, and energy systems, aimed at accelerating industrialization and driving long-term economic growth in Nigeria.
Additionally, financial and security cooperation were high on the agenda, as both countries agreed to strengthen intelligence sharing to combat money laundering and financial crimes. Mr. Manga stated that this initiative would ensure a secure and transparent financial environment, laying the foundation for continued economic collaboration between Nigeria and China.
