Nigeria, China seal $3.3bn Brass Industrial Park deal

Nigeria, China have signed a $3.3 billion deal to develop the Brass Industrial Park and Methanol Complex, in Bayelsa State.

The Director of Information and Public Relations of the Federal Ministry of Finance, Mr. Mohammed Manga, in a statement last night, disclosed that the deal was signed on the sidelines of Africa-China Conference in Beijing.

He said the “transformative project” was expected to significantly boost Nigeria’s industrial output and generate vital employment opportunities.”

The director described the deal as a reaffirmation of the two nations’ “commitment to deepening economic cooperation, strengthening bilateral ties and fostering sustainable development.”

“The inaugural China-Nigeria Economic Cooperation and Trade Conference, held alongside the 2024 Forum on China-Africa Cooperation (FOCAC), has set the stage for unprecedented collaboration and growth between the two countries,” he added.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, was said to have underscored the significance of South-South cooperation, highlighting its pivotal role in Nigeria’s sustainable development goals.

Edun emphasized President Bola Tinubu’s dedication to fostering a business-friendly environment to attract increased investment, particularly in key sectors such as infrastructure, energy, and industry.

Infrastructure development—a cornerstone of the China-Nigeria partnership—was said to be 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.

Financial and security cooperation also took center 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,” Mr. Manga said.