2 months ago
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Minister of Finance and Coordinating Minister of the Economy, Wale Edun
Nigeria has signed a $3.3bn agreement with China for the construction of the Brass Industrial Park and Methanol Complex.
This was announced at the 2024 Forum on China-Africa Cooperation and the inaugural China-Nigeria Economic Cooperation and Trade Conference, represents a crucial development in economic cooperation between the two nations.
The project, once completed, is set to boost Nigeria’s industrial output, create thousands of jobs, and stimulate local economic growth.
It will further solidify Nigeria’s status as a regional industrial hub, particularly in the energy and manufacturing sectors.
In a statement from the Federal Ministry of Finance on Friday, infrastructure development was highlighted as a key focus during discussions between officials from both countries.
The statement confirmed that the two nations are committed to joint infrastructure projects, including roads, bridges, and energy systems, as part of efforts to accelerate Nigeria’s industrialization and foster long-term economic growth.
“These infrastructure projects are expected to enhance Nigeria’s capacity for both domestic and export-driven industrial production,” the statement said.
The Ministry also pointed out that this agreement aligns with Nigeria’s Renewed Hope Agenda under President Bola Tinubu, as the country seeks to harness international partnerships to enhance domestic capabilities. On the other side, China aims to advance its Belt and Road Initiative through strategic infrastructure investments in key countries like Nigeria.
In addition to infrastructure, the agreement outlines a framework for enhanced financial and security cooperation between Nigeria and China. Both nations agreed to increase intelligence sharing, with a specific focus on combating money laundering and financial crimes.
This aspect of the deal is designed to create a secure and transparent environment for future investments and economic partnerships.
“The emphasis on financial transparency is crucial as it lays the groundwork for sustained economic partnerships between the two countries.
“The enhanced security cooperation will not only help safeguard investments but also contribute to strengthening the overall economic stability of Nigeria, which is critical for attracting foreign direct investment,” he said.
Nigeria’s Minister of Finance and chair of the China-Nigeria Economic Cooperation and Trade Conference, Wale Edun stressed the significance of President Tinubu’s ongoing economic reforms, noting that they aim to create a more favorable environment for sustainable growth and attract both domestic and international investments.
He stated, “International partnerships, such as those with China, are key to delivering tangible economic benefits to the Nigerian people.”
Edun also emphasised that infrastructure development, combined with financial transparency and security, would help unlock Nigeria’s economic potential under the Renewed Hope Agenda.
The development of the Brass Industrial Park and Methanol Complex aligns with China’s broader strategy of deepening economic ties with African nations while also expanding its access to Africa’s growing markets and natural resources.
