In a major move to boost Nigeria’s steel industry, Chart & Capstone Integrated Ltd and China’s Sinomach-HE have signed a financial and technical cooperation agreement for the development of a Steel Production Plant in Nigeria.
The Steel Production Plant, which will be operating in Kogi and Delta states, is valued at $2.5billion.
The signing ceremony took place on April 14 at Sinomach’s headquarters in Deyang, Sichuan Province, China.
Chairman/CEO of Chart & Capstone, Chief Immanuel Abel Edijala, and Chief of Sinomach-HE’s Chengdu Representative Office, Lou Xiangdong, signed the agreement.
The event was witnessed by the Director-General of the Nigeria-China Strategic Partnership, Joseph Tegbe, and Acting Consul General of Nigeria in Shanghai, Dr. Ilesanmi Abiodun Bakare.
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The project aims to process Nigeria’s iron ore into finished steel products locally, reducing the country’s dependence on imports and supporting industrial growth.
Financial close and ground-breaking is projected for the fourth quarter of 2025, with equipment installation starting in early 2026.
The partnership reflects growing economic cooperation between Nigeria and China and is expected to create thousands of jobs, drive infrastructure development, and promote long-term economic advancement in Nigeria.