The Federal Government has signed a 400 million dollar agreement with Stellar Steel Company Limited to boost local steel production and reduce dependence on imports.
The deal marks a major milestone in efforts to revive Nigeria’s steel industry and strengthen the nation’s industrial base.
According to a statement by the Ministry of steel development, the agreement, signed in Abuja , paves the way for the construction of a modern steel plant in Ewekoro, Ogun State.
Under the plan, Stellar Steel, backed by Chinese investors from Galaxy Group and RSIN Group, will invest $400 million in the first phase of the project, expected to begin operations by mid-2026.
Minister of Steel Development, Prince Shuaibu Abubakar Audu, said the initiative supports the government’s target of producing 10 million tonnes of crude steel annually by 2030.
