In a major boost for Nigeria’s steel sector, Chart & Capstone Integrated Ltd has signed a financial and technical cooperation agreement with China’s Sinomach-HE for the development of a $2.5 billion steel production plant operating across Kogi and Delta States.
The agreement was signed on 14 April at Sinomach’s headquarters in Deyang, Sichuan Province, China, by Chief Immanuel Abel Edijala, Chairman/CEO of Chart & Capstone, and Lou Xiangdong, Chief of Sinomach-HE’s Chengdu Representative Office.
The signing ceremony was witnessed by Joseph Tegbe, Director General of the Nigeria-China Strategic Partnership (NCSP), 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, significantly reducing reliance on imports and supporting industrial expansion.
Financial close and groundbreaking are expected in the fourth quarter of 2025, with equipment installation slated for early 2026.
The partnership signals deepening economic ties between Nigeria and China and is anticipated to create thousands of jobs, drive infrastructure development, and foster long-term economic growth.
Meanwhile, experts at the recent ‘Digital Asset Markets Strategy Masterclass Series’ in Lagos hailed the Investment and Securities Act (ISA) 2025 as a milestone, positioning Nigeria as a key player in the Fourth Industrial Revolution.
The ISA, signed into law in March 2025, empowers the Securities and Exchange Commission (SEC) to regulate digital assets, virtual asset service providers (VASPs), and tokenised securities, bringing long-awaited clarity to the digital finance space.
Speaking at the event, NCSP Director-General Joseph Tegbe emphasised the need to leverage Chinese technology and expertise in digital finance.
He announced that Nigeria had secured over $30 billion in investment commitments and 300 expressions of interest from Chinese companies over the past five months.
Tegbe also revealed plans for Nigeria to sign a pact with China enabling direct conversion between the Naira and Chinese Yuan, further reducing dependency on the US Dollar.
He underlined that the NCSP aims to drive infrastructure development, attract greater Chinese investment, strengthen trade ties, and promote cultural exchanges.
Also speaking at the event, Lagos State Governor Babajide Sanwo-Olu, represented by Commissioner for Finance Abayomi Oluyomi, announced plans for Lagos to become Nigeria’s first sub-national entity to issue a green bond to finance infrastructure projects.
The state is also developing a securitisation policy to monetise idle assets and boost liquidity for development needs.
In his address, Masterclass Convener and global investment advisor Dr Nicholas Okoye highlighted that digital asset markets—including cryptocurrencies and the tokenisation of traditional asset classes—will play a transformative role in wealth creation and economic growth across Africa.
Dr Okoye stated, “The full adoption of digital asset markets will redefine the future of finance, investment, and capital markets across Nigeria and Africa.”
He concluded that digital asset markets offer a rare opportunity for Africans everywhere to share in wealth creation, providing for the first time a true measure of Nigeria’s and Africa’s total wealth.
