Wale Edun, Minister of Finance
Nigeria, China boost economic ties in historic $3.3bn partnership
In a landmark event that marks a new chapter in Nigeria-China relations, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, chaired the inaugural China-Nigeria Economic Cooperation and Trade Conference.
The conference, held alongside the 2024 Forum on China-Africa Cooperation (FOCAC), reaffirmed both countries’ commitment to deepening bilateral ties, fostering sustainable development, and driving economic growth.
During his keynote address, Mr Edun highlighted the importance of South-South cooperation in achieving Nigeria’s sustainable development goals.
According to him,“This partnership with China represents a significant step forward in realizing Nigeria’s ambitions for industrialization and sustainable growth.”
The minister said the conference sets the stage for unprecedented collaboration between the two countries.
A key highlight of the conference was the signing of a $3.3 billion agreement to develop the Brass Industrial Park and Methanol Complex.
The transformative project is expected to boost Nigeria’s industrial capacity, create jobs, and enhance economic output.
“This project represents a cornerstone in our strategy to build infrastructure that supports industrial growth, creates employment, and delivers tangible benefits to the Nigerian people,” Edun remarked.
The conference also focused on infrastructure development, a vital component of the Nigeria-China partnership.
Both nations reiterated their commitment to joint projects, including roads, bridges, and energy systems, all aimed at accelerating Nigeria’s industrialization.
Edu stated that the efforts align with President Bola Ahmed Tinubu’s vision of fostering a business-friendly environment and attracting investment in critical sectors such as infrastructure, energy, and industry.
Financial and security cooperation were also other major themes discussed.
The two nations agreed to enhance intelligence sharing to combat financial crimes and money laundering, marking an essential step in securing Nigeria’s economic landscape.
“This agreement is not just about building infrastructure but ensuring we have a transparent and secure financial system that will facilitate long-term growth and investment,” Edun noted.
The Minister emphasized President Tinubu’s bold economic reforms, which are designed to steer Nigeria toward sustainable growth.
He reiterated the importance of leveraging both domestic and international resources, particularly through partnerships like this with China.
“The Renewed Hope Agenda is grounded in partnerships that deliver real economic progress for Nigeria, and this collaboration with China brings us closer to that vision,” he said.
The conference concluded with a mutual commitment to ongoing engagement and reinforced cooperation, positioning Nigeria and China as pivotal players in global economic development.
As both nations embark on this shared journey, the $3.3 billion Brass Industrial Park and Methanol Complex is expected to catalyze job creation and industrial growth, advancing not only Nigeria’s economic objectives but also China’s Belt and Road Initiative.