Nigeria and the People’s Republic of China have entered into a new era of economic cooperation and reaffirm their commitment to deepening economic cooperation, strengthening bilateral ties and fostering sustainable development.
Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun at the inaugural China-Nigeria Economic Cooperation and Trade Conference, disclosed that one of the conference’s standout outcomes was the signing of 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.
The conference was held alongside the 2024 Forum on China-Africa Cooperation (FOCAC).
A statement by the ministry observed that 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 industrialization and driving long-term economic growth in Nigeria.
Mohammed Manga, Director, Information and Public Relations at the ministry who signed the statement stressed that 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.
In his keynote address, Mr 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.
Financial and security cooperation also formed part of the discussions, with both countries agreeing to enhance intelligence sharing to combat money laundering and financial crimes. Marking a critical step toward ensuring a secure and transparent financial environment, laying the groundwork for continued economic collaboration.
The Minister also highlighted what he described as President Tinubu’s bold economic reforms, designed to steer the country toward a sustainable growth path, 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.
The statement adds that the signing of the $3.3 billion Brass Industrial Park and Methanol Complex agreement,will create room for transformative growth, job creation, and sustainable development.
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