Nigeria and China have taken a major step in strengthening their economic partnership by signing a $3.3 billion agreement to develop the Brass Industrial Park and Methanol Complex. This deal was finalized during the China-Nigeria Economic Cooperation and Trade Conference, held alongside the 2024 Forum on China-Africa Cooperation (FOCAC).
The agreement is expected to significantly boost Nigeria’s industrial output, create thousands of jobs, and deepen collaboration between the two nations across key sectors, including infrastructure development, energy, and industry.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated the importance of South-South cooperation in achieving Nigeria’s sustainable development goals. As chair of the event, Edun highlighted President Bola Ahmed Tinubu’s vision of creating a business-friendly environment that attracts foreign investment, particularly in infrastructure and industry.
Infrastructure development remains a cornerstone of the China-Nigeria partnership. Both nations recommitted to joint projects, including roads, bridges, and energy systems, aiming to accelerate Nigeria’s industrialization and foster long-term economic growth.
In addition to infrastructure, financial and security cooperation were also key topics of discussion. The two countries agreed to enhance intelligence sharing to combat financial crimes and ensure a secure and transparent financial environment, which is essential for continued economic cooperation.
Edun also discussed President Tinubu’s economic reforms designed to position Nigeria on a sustainable growth path, leveraging domestic resources and international partnerships like those with China to deliver tangible benefits to the Nigerian population.
The conference concluded with a mutual commitment to ongoing engagement, open dialogue, and reinforced cooperation, marking a new chapter in the China-Nigeria partnership. The Brass Industrial Park and Methanol Complex project is seen as a critical step in achieving Nigeria’s economic goals under the Renewed Hope Agenda, while also advancing China’s Belt and Road Initiative. This partnership is expected to propel Nigeria’s economic development forward and strengthen China’s influence in Africa, setting the stage for mutual growth and sustainable progress.