Nigeria, China Sign $3.3bn Deal On Industrial Park

Nigeria and China have signed a $3.3 billion agreement to develop the Brass Industrial Park and Methanol Complex, a transformative project expected to significantly boost Nigeria’s industrial output and generate vital employment opportunities.

This is as both countries reaffirmed their commitment to deepening economic ties and enhancing bilateral cooperation at the first China-Nigeria Economic Cooperation and Trade Conference, held alongside the 2024 Forum on China-Africa Cooperation (FOCAC).

The event was chaired by the minister of finance and coordinating minister of the economy, Wale Edun, the ministry said in a statement sent yesterday.

The minister underscored the significance of South-South cooperation, highlighting its pivotal role in Nigeria’s sustainable development goals. As chair of the event, he also guided discussions that focused on critical areas of collaboration between the two nations.

Infrastructure development—a cornerstone of the China-Nigeria partnership—was a major focus of the discussions, according to the statement. Both nations reiterated their commitment to joint infrastructure projects, including roads, bridges, and energy systems, aimed at accelerating industrialisation and driving long-term economic growth in Nigeria.

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Financial and security cooperation also took centre stage, with both countries agreeing to enhance 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.

As chair of the event, the minister also highlighted President Tinubu’s bold economic reforms, designed to steer the country toward a sustainable growth path. He stressed the importance of leveraging both domestic resources and international partnerships, such as those with China, to ensure that these collaborations deliver tangible benefits to the Nigerian people.

The conference concluded with a strong mutual commitment to ongoing engagement, open dialogue, and reinforced cooperation.

Key infrastructure and security initiatives are seen as pivotal to achieving Nigeria’s economic objectives under the Renewed Hope Agenda, while also advancing China’s Belt and Road Initiative.