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A $3.3 billion deal has been sealed between Nigeria and China to facilitate the development of the Brass Industrial Park and Methanol Complex in Bayelsa State.
During the Africa-China Conference in Beijing, an agreement was signed with the goal of enhancing Nigeria’s industrial capabilities and generating employment opportunities.
According to the Federal Ministry of Finance, the project signifies a deepening of economic cooperation between the two nations.
Read Also: Tafawa-Balewa: Tinubu Struggling To Revive Nigeria’s Economy
“The inaugural China-Nigeria Economic Cooperation and Trade Conference… has set the stage for unprecedented collaboration and growth,” stated Mr. Mohammed Manga, Director of Information and Public Relations.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, stressed the significance of South-South collaboration in attaining sustainable development objectives. He underscored President Bola Tinubu’s dedication to drawing in investments in infrastructure, energy, and manufacturing.
A primary area of attention was infrastructure development, with both countries promising to work together on initiatives including energy systems, highways, and bridges. Cooperation in security and finances was also discussed, and a deal to improve intelligence sharing to stop financial crimes was reached.
“This marked a critical step towards ensuring a secure and transparent financial environment, laying the groundwork for continued economic collaboration,” said Mr Manga.
President Bola Tinubu and President Xi Jinping of the People’s Republic of China recently reached a new agreement, leading Nigeria to adopt the One-China policy and sever ties with Taiwan. The Eastern Updates has learnt.
This is just as China may have agreed to put pressure on Russia not to be meddlesome in Mali, Niger Republic and Burkina Faso, in the efforts to provide regional stability in West Africa.
Recently, Mali, Niger, and Burkina Faso withdrew from the regional bloc ECOWAS, which is led by President Tinubu, due to the military takeover of the democratically elected governments in these three countries. It was anticipated that China would leverage its influence with Russia to support peace and regional stability in West Africa.
The One-China Policy diplomatically recognizes that there exists only one China globally and that the People’s Republic of China is the sole legitimate government that represents the entirety of China, including Taiwan as an integral part of Chinese territory.
