National Telescope national telescope newspaper
Nigeria has officially signed a $3.3 billion agreement with China to develop the Brass Industrial Park and Methanol Complex.
This deal was announced at the 2024 Forum on China-Africa Cooperation and the inaugural China-Nigeria Economic Cooperation and Trade Conference, marking a significant milestone in the economic collaboration between the two countries.
Once completed, the project is expected to enhance Nigeria’s industrial output, create thousands of jobs, and stimulate local economic growth, further establishing Nigeria as a regional industrial hub, especially in the energy and manufacturing sectors.
A statement from the Federal Ministry of Finance on Friday highlighted that infrastructure development was a major focus of discussions between the two nations.
It confirmed the commitment to joint infrastructure projects such as roads, bridges, and energy systems to accelerate Nigeria’s industrialization and drive long-term economic growth.
“These infrastructure projects will boost Nigeria’s capacity for domestic and export-driven industrial production,” the statement noted.
The agreement aligns with President Bola Tinubu’s Renewed Hope Agenda, which seeks to leverage international partnerships to strengthen domestic capabilities.
Simultaneously, China aims to advance its Belt and Road Initiative through strategic infrastructure investments in key countries like Nigeria.
The deal also includes a framework for increased financial and security cooperation, with both nations agreeing to enhance intelligence sharing, particularly to combat money laundering and financial crimes.
This aspect of the agreement aims to create a secure and transparent environment for future investments.
“The focus on financial transparency is crucial for fostering sustained economic partnerships between the two countries. Enhanced security cooperation will protect investments and contribute to Nigeria’s economic stability, which is vital for attracting foreign direct investment,” the statement said.
Nigeria’s Minister of Finance, Wale Edun, who chaired the China-Nigeria Economic Cooperation and Trade Conference, emphasized the importance of President Tinubu’s economic reforms in creating a more favorable environment for sustainable growth and investment.
“International partnerships, such as those with China, are essential for delivering tangible economic benefits to the Nigerian people,” Edun said.
He also underscored that infrastructure development, combined with financial transparency and security, will help unlock Nigeria’s economic potential under the Renewed Hope Agenda.
The Brass Industrial Park and Methanol Complex development aligns with China’s broader strategy to deepen economic ties with African nations while expanding its access to Africa’s growing markets and natural resources.
