Enelemah explained that the agreement includes funds for the sowing of cotton, and for the process of dismantling, spinning, as well as textile manufacturing in the Nigerian states of Katsina, Kano, Abia and Lagos.
He said that the Chinese authorities will also open their domestic market to Nigerian agricultural products.
The NAN announced yesterday that Lagos and Beijing signed another MoU through which China will provide a credit worth 500 million dollars for the construction here of 10 modular refineries, whose characteristic is its assembly in pieces.
Earlier this month Beijing hosted the Summit of China-Africa Cooperation Forum, in which both sides called for closer cooperation in the framework of South-South collaboration.
At the meeting, China and Africa agreed to promote the Strip and Road initiative, as well as shared goals in the Development Agenda of the African Union 2063 and the 2030 Agenda of the UN for Sustainable Development.
In addition, Chinese President Xi Jinping announced financing of 60 billion dollars dedicated to strengthening mutually beneficial cooperation with that continent.