Nigeria and China have entered into a $3.3 billion agreement to develop the Brass Industrial Park and Methanol Complex in Bayelsa State.

The deal was signed on the sidelines of the Africa-China Conference in Beijing, according to a statement by Mohammed Manga, Director of Information and Public Relations at the Federal Ministry of Finance.

The project is expected to significantly boost Nigeria’s industrial output and generate vital employment opportunities. Manga 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.

Finance Minister Wale Edun emphasized the significance of South-South cooperation in achieving Nigeria’s sustainable development goals. He highlighted President Bola Tinubu’s dedication to creating a business-friendly environment to attract increased investment in key sectors like infrastructure, energy, and industry.

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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 industrialization and driving long-term economic growth in Nigeria.

The countries also agreed to enhance financial and security cooperation, including intelligence sharing to combat money laundering and financial crimes. This marks a critical step towards ensuring a secure and transparent financial environment, laying the groundwork for continued economic collaboration.”