FG Signs $400m Deal With Stellar Steel to Boost Local Production
The Federal Government has signed a strategic cooperation agreement with Stellar Steel Company Limited to advance Nigeria’s steel manufacturing capacity and reduce reliance on imported steel.
In a statement issued by the Director of Information and Public Relations, Salamatu Jibaniya, the Ministry of Steel Development announced that Stellar Steel — backed by Chinese investors from the Galaxy Group and RSIN Group — has committed $400 million to establish a state-of-the-art steel plant in Ewekoro, Ogun State.
The project will be executed in three phases, with the first phase scheduled to commence production in 2026.
Speaking during the signing ceremony at the ministry headquarters in Abuja, the Minister of Steel Development, Prince Shuaibu Abubakar Audu, said the partnership marks a significant milestone in revitalizing Nigeria’s steel industry.
He noted that the initiative aligns with the Federal Government’s target of achieving 10 million tonnes of crude steel production annually by 2030 — a move expected to enhance industrial growth, job creation, and economic diversification.
Executives of Stellar Steel, including Mr. Li, President of Inner Galaxy Group, were present at the signing, affirming their commitment to long-term investment in Nigeria’s steel value chain.
