Nigeria Signs $3.3bn Agreement with China for Industrial Park, Methanol Complex

Nigeria has secured a $3.3 billion deal with China to develop the Brass Industrial Park and Methanol Complex, a project expected to massively boost the country’s industrial output and generate vital employment opportunities.

It was learnt that the agreement was signed during the 2024 Forum on China-Africa Cooperation (FOCAC) and the inaugural China-Nigeria Economic Cooperation and Trade Conference, according to a statement from the Ministry of Finance.

The project is described as a “transformative” initiative that will play a crucial role in achieving Nigeria’s sustainable development goals. The statement cited the importance of South-South cooperation and the importance of deepening economic ties between Nigeria and China.

Notably, the conference, chaired by Nigeria’s Finance Minister, Wale Edun, focused on critical areas of collaboration between the two nations, including infrastructure development, energy, and industry.

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Edun revealed President Bola Tinubu’s commitment to creating a business-friendly environment that attracts increased investment in key sectors.

He said:

“One of the conference’s standout outcomes 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 generate vital employment opportunities.

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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.

“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.

“As chair of the event, the Honourable Minister also highlighted President Tinubu’s bold economic reforms, designed to steer the country toward a sustainable growth path. He stressed the importance of leveraging both domestic resources and international partnerships, such as those with China, to ensure that these collaborations deliver tangible benefits to the Nigerian people.

“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.

“As the curtains close on this groundbreaking conference, Nigeria and China emerge as beacons of hope for a brighter economic future, especially as the conference concluded with a strong mutual commitment to ongoing engagement, open dialogue, and reinforced cooperation. With the signing of the $3.3 billion Brass Industrial Park and Methanol Complex agreement, the stage is set for transformative growth, job creation, and sustainable development.

“This historic partnership will undoubtedly propel Nigeria’s economic agenda forward while reinforcing China’s Belt and Road Initiative. As both nations embark on this extraordinary journey together, the world watches with bated breath, eager to witness the remarkable achievements that will unfold from this unbreakable bond.”