Nigeria and China have struck a $3.3 billion agreement to establish the Brass Industrial Park and Methanol Complex in Bayelsa State.
Mr. Mohammed Manga, Director of Information and Public Relations at the Federal Ministry of Finance, said in a statement last night that the arrangement was inked on the margins of the Africa-China Conference in Beijing.
He said the “transformative project” was expected to significantly boost Nigeria’s industrial output and generate vital employment opportunities.”
The director characterised the agreement as a reaffirmation of the two countries’ “commitment to deepening economic cooperation, strengthening bilateral ties, and fostering sustainable development.”
“The inaugural China-Nigeria Economic Cooperation and Trade Conference, held alongside the 2024 Forum on China-Africa Cooperation (FOCAC), has set the stage for unprecedented collaboration and growth between the two countries,” he added.
Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, was claimed to have highlighted the importance of South-South collaboration, emphasising its critical role in Nigeria’s sustainable development aspirations.
Edun emphasised President Bola Tinubu’s commitment to creating a business-friendly climate to attract more investment, particularly in critical sectors like infrastructure, energy, and industry.
The conversations were believed to be heavily focused on infrastructure development, which is a cornerstone of the China-Nigeria alliance.
Both countries reaffirmed their commitment to collaborative infrastructure projects, including roads, bridges, and energy systems, with the goal of advancing industrialisation and driving long-term economic prosperity in Nigeria.
Financial and security cooperation were also prioritised, with both countries promising to strengthen intelligence sharing to combat money laundering and financial crimes.
“This marked a critical step toward ensuring a secure and transparent financial environment, laying the groundwork for continued economic collaboration,” Mr. Manga said.
