Nigeria and China have signed a $3.3 billion agreement to develop the Brass Industrial Park and Methanol Complex. a transformational project expected to significantly boost Nigeria’s industrial output and generate jobs.
The deal was reached at the inaugural China-Nigeria Economic Cooperation and Trade Conference, which held alongside the 2024 Forum on China-Africa Cooperation (FOCAC).
The agreement reaffirmed the two countries’ commitment to deepening economic cooperation, strengthening bilateral ties and fostering sustainable development.
In his keynote address, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, 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.
Edun emphasised President Bola Ahmed Tinubu’s dedication to fostering a business-friendly environment that attracts increased investment, particularly in key sectors such as infrastructure, energy, and industry.
Infrastructure development—a cornerstone of the China-Nigeria partnership—was a major focus of the discussions. 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.
Financial and security cooperation also took center 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.
Edun highlighted President Tinubu’s bold economic reforms, designed to steer the country toward a sustainable growth path, while also stressing 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.
