Nigeria and China have sealed a $3.3 billion agreement to develop the Brass Industrial Park and Methanol Complex in Bayelsa State, marking a significant milestone in their bilateral relationship.
The Director of Information and Public Relations for the Federal Ministry of Finance, Mr. Mohammed Manga, announced the deal in a statement on Thursday. He disclosed that the agreement was signed during the Africa-China Conference in Beijing.
Describing the project as “transformative,” Mr. Manga emphasized its potential to boost Nigeria’s industrial output and create numerous job opportunities, signaling a new phase of growth for the country.
He noted that the deal demonstrates both nations’ commitment to enhancing economic cooperation, strengthening bilateral relations, and promoting sustainable development. The agreement comes on the heels of the China-Nigeria Economic Cooperation and Trade Conference, held in conjunction with the 2024 Forum on China-Africa Cooperation (FOCAC).
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted the importance of South-South cooperation and its role in advancing Nigeria’s sustainable development goals. He stressed President Bola Tinubu’s focus on creating a business-friendly environment to attract investments, especially in infrastructure, energy, and industrial sectors.
Both countries reaffirmed their dedication to joint infrastructure initiatives, including roads, bridges, and energy systems, to fast-track Nigeria’s industrialization and drive long-term economic growth. The discussions also centered around boosting financial and security cooperation, particularly in combating money laundering and financial crimes, further solidifying the foundation for continued economic collaboration between the two nations.
This deal is expected to play a crucial role in accelerating industrial development and enhancing Nigeria’s economic landscape.
