Nigeria, China seal $3.3bn deal to boost economic ties
In a significant step towards deepening economic collaboration, Nigeria and China have reaffirmed their commitment to strengthening bilateral ties and fostering sustainable development.
This pledge was solidified during the inaugural China-Nigeria Economic Cooperation and Trade Conference, held alongside the 2024 Forum on China-Africa Cooperation (FOCAC).
The conference, which marked a new chapter in the partnership between the two nations, focused on expanding cooperation in key sectors.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted the importance of South-South cooperation, emphasising its central role in achieving Nigeria’s sustainable development goals.
As chair of the event, Edun steered discussions on critical areas of collaboration, ranging from infrastructure development to security cooperation.
According to a statement by the ministry’s Director of Information and Public Relations, Mohammed Manga, the minister underscored President Bola Ahmed Tinubu’s vision of creating a business-friendly environment that attracts foreign investment, particularly in vital sectors like infrastructure, energy, and industry.
A key outcome of the conference 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 create thousands of jobs.
Infrastructure development – a cornerstone of the China-Nigeria partnership – was a major focus of the discussions.
Both nations recommitted to joint infrastructure projects, including roads, bridges, and energy systems, intending to accelerate Nigeria’s industrialisation and foster long-term economic growth.
Financial and security cooperation also took center stage during the discussions. The two countries agreed to enhance intelligence sharing to combat money laundering and financial crimes, ensuring a secure and transparent financial environment conducive to continued economic cooperation.
Edun further highlighted President Tinubu’s economic reforms, designed to position Nigeria on a sustainable growth path.
He stressed the importance of leveraging domestic resources and international partnerships, such as those with China, to deliver tangible benefits to the Nigerian population.
“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 said.
The conference concluded with a mutual commitment to ongoing engagement, open dialogue, and reinforced cooperation.
The signing of the $3.3 billion Brass Industrial Park and Methanol Complex agreement is a critical step towards achieving Nigeria’s economic goals under the Renewed Hope Agenda while advancing China’s Belt and Road Initiative.
This historic partnership is expected to propel Nigeria’s economic development forward and strengthen China’s growing influence in Africa, setting the stage for a new era of mutual growth and sustainable progress.
China’s Belt and Road InitiativeChina-Nigeria Economic Cooperation and Trade ConferenceFOCAC 2024
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