They signed a $1billion memorandum of agreement during the China -Africa Cooperation Forum in Beijing.On September 8 2024 , the Nigerian Mines Minister Dele Alake revealed that ,the project for the complex will be located in Kogi State which houses large iron reserves.The State is also home to Australia's Macro metals which is developing the Agbaja project containing 586 million tonnes of mineral resources and 205 million tonnes of ore reserves. According to Nigerian experts, Nigeria has significant mineral reserves valued at $700billion including iron ore ,but the mining sector contributes less than 1% to the country's Gross Domestic Products.If successful, this project could increase the mining sectors contribution to Nigeria's economy , the steel mill would also help Nigeria export more products to China , addressing a trade deficit of over $1billion.This agreement is crucial for creating new jobs, facilitating skills transfer and improving the Nigerian trade balance .Based on information from Experts, the global iron ore market currently faces a crisis, with prices falling and expected to drop further in coming year, .Iron presently sells below $90 per tonne and is expected to drop to $78 per tonnes by 2030.                     

Christelle Koambi