The Federal Government of Nigeria has formalised a $400 million Strategic Cooperation Agreement with Stellar Steel Company Limited, a subsidiary of China’s Inner Galaxy Group, to establish an integrated steel plant in Ewekoro, Ogun State. The agreement, signed by the Minister of Steel Development, Prince Shuaibu Abubakar Audu, underscores the administration’s commitment to reviving Nigeria’s long-dormant steel industry and accelerating its industrialisation under the Renewed Hope Agenda.
The project will be financed jointly by Stellar Steel and the Federal Government through a public–private framework, with policy and infrastructural support from the Ministry of Steel Development. The plant, estimated to cost $400 million, will form part of a larger $450 million investment plan by the RSIN Group and Inner Galaxy Group.
When operational, the Ewekoro plant is projected to produce 10 million tonnes of crude steel annually, saving Nigeria over $1 billion in foreign exchange and creating over 22,000 direct and indirect jobs. The project will also feature green production technologies and skills development partnerships with Nigerian universities and technical institutions, positioning Nigeria as a regional steel hub and a key player in West Africa’s industrial transformation.
