Nigeria Signs $1 Billion MOU with Chinese Firm to Revive Steel Industry

• Nigeria partners with China’s Sinomach-He to build a steel plant in Kogi State, aiming to reduce steel imports
• The project supports Nigeria’s industrialisation goals by using locally sourced iron ore

Lagos, Nigeria – Nigeria’s ambition to revive its steel industry has been rekindled with the signing of a $1 billion Memorandum of Understanding (MOU) between Nigerian company Chart and Capstone Integrated Limited and Chinese state-owned Sinomach-He. The agreement was signed during President Tinubu’s visit to China last week, with plans to site the iron-ore-to-steel project in Kogi State.