The Federal Government FG has announced the signing of a $400 million cooperation agreement with Stellar Steel Company Limited, a Chinese-backed firm, to establish a large-scale steel plant in Ewekoro, Ogun State.
The agreement, unveiled on Wednesday in Abuja, marks a significant step toward revitalising Nigeria’s steel industry and boosting local manufacturing capacity.
According to the Minister of Industry, Trade and Investment, the project will enhance the nation’s self-sufficiency in steel production, reduce import dependence, and create thousands of direct and indirect jobs.
The new plant, once operational, is expected to produce key industrial materials essential for construction, automobile manufacturing, and infrastructure development.
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Government officials described the deal as a strategic partnership that aligns with President Bola Tinubu’s industrialisation agenda and efforts to attract foreign direct investment.
Representatives of Stellar Steel Company Limited reaffirmed the firm’s commitment to sustainable operations and technology transfer, emphasising that the project will leverage modern eco-friendly processes and local raw materials.
Construction is slated to begin in 2026, with the facility projected to become one of the largest integrated steel complexes in West Africa upon completion.