In a significant step toward revitalizing Nigeria's steel industry, Chart & Capstone Integrated Ltd has entered a $2.5 billion financial and technical cooperation agreement with China's Sinomach-HE to develop a steel production plant in Kogi and Delta States.
The agreement was signed at Sinomach's headquarters in Deyang, Sichuan Province, China, with Chief Immanuel Abel Edijala, Chairman/CEO of Chart & Capstone, and Lou Xiangdong, Chief of Sinomach-HE's Chengdu Representative Office, formalizing the partnership. The signing ceremony was witnessed by Joseph Tegbe, Director General of the Nigeria-China Strategic Partnership, and Dr. Ilesanmi Abiodun Bakare, Acting Consul General of Nigeria in Shanghai.
The project aims to process Nigeria's iron ore into finished steel products locally, reduce reliance on imports, and support industrial growth. Financial closure and groundbreaking are scheduled for the fourth quarter of 2025, with equipment installation set to commence in early 2026. The initiative is expected to create thousands of jobs and drive long-term economic development.
Meanwhile, experts at the 'Digital Asset Markets Strategy Masterclass Series' in Lagos have highlighted how Nigeria's Investment and Securities Act (ISA) 2025 positions the country as a major player in the Fourth Industrial Revolution. The landmark legislation empowers the Securities and Exchange Commission (SEC) to regulate digital assets, virtual asset service providers (VASPs), and tokenized securities, providing a clear legal framework for digital finance.
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Joseph Tegbe, Director-General of the Nigeria-China Strategic Partnership, emphasized the potential of leveraging Chinese technology for Nigeria's digital asset market growth. He revealed that Nigeria has secured over $30 billion in investment commitments from Chinese companies in the past five months and is set to sign an agreement enabling direct currency conversion between the Naira and the Chinese Yuan, reducing dependency on the US Dollar.
Further, Lagos State Governor Babajide Sanwo-Olu, represented by the Commissioner for Finance, Abayomi Oluyomi, announced plans to raise a green bond and monetize idle assets to fund infrastructure development, positioning Lagos as the first sub-national entity to implement such initiatives.
The Masterclass Convener, Dr. Nicholas Okoye, underscored the transformative impact of digital asset markets, predicting they will revolutionize wealth creation and capital market structures across Nigeria and Africa, providing unprecedented opportunities for economic growth and financial inclusion.
