Nigeria, China seal $3.3bn Brass Industrial Park deal
Written by Isaac Jerry on September 9, 2024
Nigeria and China have signed a landmark $3.3 billion agreement to develop the Brass Industrial Park and Methanol Complex in Bayelsa State. This transformative project is expected to significantly increase Nigeria’s industrial production and create much-needed jobs.
The deal highlights a deepening economic partnership between the two nations. It was signed during the inaugural China-Nigeria Economic Cooperation and Trade Conference, held alongside the 2024 Forum on China-Africa Cooperation (FOCAC).
“This conference sets the stage for unprecedented collaboration and growth between Nigeria and China,” stated Mr. Mohammed Manga, Director of Information and Public Relations at the Federal Ministry of Finance.
Focus on South-South Cooperation and Infrastructure Development
Nigeria’s Finance Minister, Mr. Wale Edun, emphasized the importance of cooperation between developing nations (South-South cooperation) in achieving Nigeria’s sustainable development goals. He also highlighted President Bola Tinubu’s commitment to attracting investment, particularly in infrastructure, energy, and industry, by creating a business-friendly environment.
Discussions focused heavily on infrastructure development, a cornerstone of the China-Nigeria partnership. Both countries recommitted to joint projects like roads, bridges, and energy systems to accelerate Nigeria’s industrialization and economic growth.
Enhancing Financial Security
Financial and security cooperation were also key topics. Nigeria and China agreed to strengthen intelligence sharing to combat money laundering and financial crimes. Mr. Manga stated, “This is a critical step towards a secure and transparent financial environment, which is essential for continued economic collaboration.”
