Nigeria, China sign $3.3m industrial park deal

Nigeria has signed a $3.3 billion agreement with China to develop the brass industrial park and methanol complex.

The ministry of finance, in a statement on Friday, said the agreement was endorsed during the inaugural China-Nigeria economic cooperation and trade conference, held alongside the 2024 Forum on China-Africa Cooperation (FOCAC).

Wale Edun, minister of finance and coordinating minister of the economy, who chaired the event, said the deal heralds a new era of economic cooperation between both countries.

“Edun emphasised President Bola Ahmed Tinubu’s dedication to fostering a business-friendly environment that attracts increased investment, particularly in key sectors such as infrastructure, energy, and industry,” the statement reads.

“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.

“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 industrialisation and driving long-term economic growth in Nigeria.

“Financial and security cooperation also took centre stage, with both countries agreeing to enhance intelligence sharing to combat money laundering and financial crimes.

“This marked a critical step toward ensuring a secure and transparent financial environment, laying the groundwork for continued economic collaboration.”

Edun was also said to have highlighted Tinubu’s economic reforms, “designed to steer the country toward a sustainable growth path”. 

He stressed the importance of leveraging domestic resources and international partnerships, “such as those with China”, to ensure that collaborations deliver tangible benefits to the Nigerian people.

“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,” the minister was quoted as saying.

“As the curtains close on this groundbreaking conference, Nigeria and China emerge as beacons of hope for a brighter economic future, especially as the conference concluded with a strong mutual commitment to ongoing engagement, open dialogue, and reinforced cooperation.

“With the signing of the $3.3 billion Brass Industrial Park and Methanol Complex agreement, the stage is set for transformative growth, job creation, and sustainable development.

“This historic partnership will undoubtedly propel Nigeria’s economic agenda forward while reinforcing China’s Belt and Road Initiative.”

Edun also said both nations will witness the “remarkable achievements that will unfold from this unbreakable bond”.