Nigeria has signed a landmark $3.3 billion agreement with China to develop the Brass Industrial Park and Methanol Complex, a move expected to significantly enhance the country’s industrial capacity and job creation prospects.
The announcement was made by the Ministry of Finance through a statement issued on Friday by Director of Information and Public Relations, Mohammed Manga.
The agreement was formalized during the 2024 Forum on China-Africa Cooperation (FOCAC) and the inaugural China-Nigeria Economic Cooperation and Trade Conference. The event marked a pivotal moment in the deepening economic cooperation between Nigeria and China, setting the stage for unprecedented collaboration.
The statement highlighted that the deal was signed under the auspices of Nigeria’s Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun. The minister’s keynote address at the conference underscored the importance of South-South cooperation and its role in achieving Nigeria’s sustainable development goals.
In his speech, Edun emphasized President Bola Ahmed Tinubu’s commitment to creating a business-friendly environment to attract investment, particularly in sectors such as infrastructure, energy, and industry. The Brass Industrial Park and Methanol Complex were spotlighted as transformative projects that will significantly boost Nigeria’s industrial output and generate crucial employment opportunities.
The conference also focused on joint infrastructure projects, with both nations committing to the development of roads, bridges, and energy systems aimed at accelerating industrialization and promoting long-term economic growth in Nigeria. Additionally, the agreement includes enhanced financial and security cooperation, with both countries agreeing to strengthen intelligence sharing to combat money laundering and financial crimes.
The statement noted that these initiatives are integral to achieving Nigeria’s economic objectives under the Renewed Hope Agenda and advancing China’s Belt and Road Initiative. The conference concluded with a strong mutual commitment to ongoing engagement and reinforced cooperation, setting a promising stage for transformative growth and sustainable development.
The partnership between Nigeria and China is seen as a significant step forward for both nations, with the $3.3 billion agreement marking a historic milestone in their economic collaboration.
As the project moves forward, it is anticipated to propel Nigeria’s economic agenda and reinforce China’s Belt and Road Initiative, promising a bright future for both countries.
