WATCH THE VIDEO HERE Plans have been concluded to site a steel production plant worth about $2.5 billion in Kogi and Delta States. Already, a financial and technical cooperation agreement has been sealed between a Nigerian company and a Chinese organisation. At a signing ceremony on Monday, April 14, 2025, at in Deyang, Sichuan Province, China, the duo of Chart & Capstone Integrated Ltd and China’s Sinomach-HE put pen to paper on the factory. This is part of strategies to boost Nigeria’s steel industry, reflecting the growing economic cooperation between Nigeria and China. This transaction is expected to create thousands of jobs, drive infrastructure development, and promote long-term economic advancement in Nigeria. 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 groundbreaking is projected for the fourth quarter of 2025, with equipment installation starting in early 2026. Business Post reports that the chief executive of Chart & Capstone, Mr Immanuel Abel Edijala; and the Chief of Sinomach-HE’s Chengdu Representative Office, Lou Xiangdong, signed the deal in China in the presence of the Director General of the Nigeria-China Strategic Partnership, Mr Joseph Tegbe, and the Acting Consul General of Nigeria in Shanghai, Ilesanmi Abiodun Bakare.
Nigerian, Chinese Firms to Build $2.5bn Steel Plant in Delta, Kogi
