Nigeria, China Signed $3.3 Billion Deal For Brass Industrial Park

A $3.3 billion deal between China and Nigeria has been finalized for the development of the Methanol Complex and Brass Industrial Park in Bayelsa State.

The deal, signed during the Africa-China Conference in Beijing, aims to bolster Nigeria’s industrial capacity and create jobs.

According to the Federal Ministry of Finance, the project signifies a deepening of economic cooperation between the two nations.

“The inaugural China-Nigeria Economic Cooperation and Trade Conference… has set the stage for unprecedented collaboration and growth,” stated Mr. Mohammed Manga, Director of Information and Public Relations.

Minister of Finance and Coordinating Minister of the Economy Wale Edun emphasised the importance of South-South cooperation for achieving sustainable development goals. He highlighted President Bola Tinubu’s commitment to attracting investment in infrastructure, energy, and industry.

A primary area of attention was infrastructure development, with both countries promising to work together on initiatives including energy systems, highways, and bridges. Cooperation in security and finances was also discussed, and a deal to improve intelligence sharing to stop financial crimes was reached.

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