Nigeria, China forge unbreakable bonds, sign $3.3bn agreement at trade conference

*Olawale Edun, Nigeria’s Minister for Finance and Coordinating Minister of the Economy, says the inaugural China-Nigeria Economic Cooperation and Trade Conference, held alongside the 2024 Forum on China-Africa Cooperation, reaffirms the two countries’ commitment to deepening economic cooperation, strengthening bilateral ties and fostering sustainable development

Isola Moses | ConsumerConnect

In a landmark event chaired by Mr. Olawale Edun, Honourable Minister for Finance and Coordinating Minister of the Economy, heralding a new era of economic cooperation, Nigeria and China have reaffirmed their commitment to deepening economic cooperation, strengthening bilateral ties and fostering sustainable development.

The Federal Government said the inaugural China-Nigeria Economic Cooperation and Trade Conference, held alongside the 2024 Forum on China-Africa Cooperation (FOCAC), had set the stage for unprecedented collaboration and growth between the two countries

In his keynote address, Edun underscored the significance of South-South cooperation, highlighting its pivotal role in Nigeria’s sustainable development goals.

Mohammed Manga, FCAI, Director of Information and Public Relations in the Ministry, Friday, September 6, 2024, stated as chair of the event, the Minister guided discussions that focused on critical areas of collaboration between the two nations.

The statement also noted Edun emphasised President Bola Ahmed Tinubu’s dedication to fostering a business-friendly environment that attracts increased investment, particularly in key sectors such as infrastructure, energy, and industry.

The government further noted 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.

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 industrialisation and driving long-term economic growth in Nigeria.

Financial and security cooperation also took centre 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.

The Director of Information and Public Relations as well said being 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.

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, stated the Minister.

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, the statement noted.

Manga added the historic partnership would 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,” the Nigerian Government said.