The Federal Government has signed a $400 million agreement with Inner Galaxy Group’s Stellar Steel Company Limited to build a modern steel plant in Ewekoro, Ogun State. The declaration was signed by the Minister of Steel Development, Prince Shuaibu Abubakar Audu, in Abuja, as part of efforts to revitalise Nigeria’s steel industry and drive industrialisation.
The minister said the project would be completed in phases, with the first phase expected to begin production by the end of 2026. He explained that the facility would operate a full industrial chain from iron ore mining and smelting to steel processing and sales, positioning Nigeria as a regional hub for steel manufacturing.
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According to the Ministry, the partnership aligns with President Bola Tinubu’s Renewed Hope Agenda to boost local production, reduce import dependence, and create jobs. The plant is expected to generate over 2,000 direct and 20,000 indirect jobs, while saving more than $1 billion annually in foreign exchange through localised iron ore sourcing.
Stellar Steel’s Group Chairman, Xiaotian You, said the company would deploy advanced technology and global best practices to ensure environmental sustainability and high production standards. The ministry will support the project through infrastructure access, fiscal incentives, and regulatory frameworks to ensure its long-term success.
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