The Federal Government and China have signed a $3.3 billion agreement for the development of the Brass Industrial Park and Methanol Complex in Bayelsa State.
The deal was finalized at the Africa-China Conference in Beijing, according to a statement by Mr. Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance.
The agreement is seen as a significant milestone that is expected to boost Nigeria’s industrial output and create essential job opportunities. According to the statement, the project highlights the commitment of both nations to enhance economic cooperation, deepen bilateral relations, and foster sustainable development.
“The inaugural China-Nigeria Economic Cooperation and Trade Conference, held alongside the 2024 Forum on China-Africa Cooperation (FOCAC), has laid the groundwork for new levels of collaboration and growth between the two countries,” the statement read.
Also, in the statement the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, stressed the importance of South-South cooperation, citing its key role in helping Nigeria achieve its sustainable development goals.
He also highlighted President Bola Tinubu’s dedication to promoting a business-friendly environment to draw more investments, particularly in sectors like infrastructure, energy, and industry.
The discussions also focused on infrastructure, which remains a cornerstone of the China-Nigeria partnership. Both countries reaffirmed their commitment to joint infrastructure projects, including roads, bridges, and energy systems, as part of efforts to accelerate Nigeria’s industrialization and economic growth.
The two nations also agreed to strengthen cooperation in finance and security, particularly in intelligence sharing to combat money laundering and financial crimes.
