In a major move to revitalize Nigeria’s steel sector, Chart & Capstone Integrated Ltd has signed a $2.5 billion financial and technical cooperation agreement with China’s Sinomach-HE to develop a steel production plant across Kogi and Delta States.
The agreement, finalized at Sinomach’s headquarters in Deyang, Sichuan Province, formalizes a partnership between Chart & Capstone Chairman and CEO and Lou Xiangdong, Chief of Sinomach-HE’s Chengdu Representative Office. The signing was witnessed by key Nigerian officials, including the Director General of the Nigeria-China Strategic Partnership and the Acting Consul General of Nigeria in Shanghai.
The steel project is set to process Nigeria’s abundant iron ore into finished products, reducing the country’s dependence on imported steel and supporting broader industrial growth. Financial closure and groundbreaking are scheduled for the fourth quarter of 2025, with equipment installation expected to begin early in 2026. The initiative is projected to create thousands of jobs and drive sustained economic development across the country.
Meanwhile, experts at the Digital Asset Markets Strategy Masterclass Series held in Lagos have highlighted the significant opportunities emerging from Nigeria’s evolving digital finance landscape. The recently enacted Investment and Securities Act (ISA) 2025, which empowers the Securities and Exchange Commission (SEC) to regulate digital assets, virtual asset service providers, and tokenized securities, is seen as a milestone positioning Nigeria as a major force in the Fourth Industrial Revolution.
Speaking at the event, the Director-General of the Nigeria-China Strategic Partnership stressed the potential of leveraging Chinese technology to accelerate Nigeria’s digital asset growth. He disclosed that Nigeria has secured over $30 billion in investment commitments from Chinese companies in the past five months and is preparing to sign an agreement that will enable direct currency conversion between the Naira and the Chinese Yuan, reducing reliance on the US Dollar.
In a related development, Lagos State Governor, represented by the Commissioner for Finance, announced plans to raise a green bond and monetize idle state assets to fund infrastructure development. Lagos aims to become the first sub-national entity in Nigeria to implement such forward-looking initiatives.
The convener of the masterclass emphasized the transformative impact of digital asset markets, predicting they will reshape wealth creation and capital market structures across Nigeria and Africa, opening up unprecedented opportunities for financial inclusion and economic advancement
