The Federal Government has signed a $400 million strategic cooperation agreement with Inner Galaxy Group’s Stellar Steel Company Limited for the establishment of a modern integrated steel plant in Ewekoro, Ogun State.
The agreement, sealed at the Federal Ministry of Steel Development in Abuja, is part of Nigeria’s broader effort to accelerate industrialisation, achieve self-sufficiency in steel production, and advance President Bola Tinubu’s Renewed Hope Agenda for sustainable economic growth.
Minister of Steel Development, Prince Shuaibu Abubakar Audu, who signed on behalf of the government, said the project represents a “major milestone” in reviving Nigeria’s steel industry and positioning it as a regional hub for West Africa.
According to Audu, the plant will be developed in phases, with the first phase expected to commence production by the end of 2026. The facility will integrate the full steel value chain — from iron ore mining and smelting to processing and sales.
The partnership supports Nigeria’s goal of producing 10 million tonnes of crude steel annually by 2030, reducing import dependence, and saving over $1 billion in foreign exchange. It is also projected to create more than 2,000 direct and 20,000 indirect jobs.
Under the agreement, the ministry will provide infrastructure support, fiscal incentives, and a regulatory framework to ensure the plant’s long-term sustainability.
Signing on behalf of Stellar Steel, Group Chairman Xiaotian You pledged to deploy advanced technologies and adhere to global best practices in environmental sustainability and production quality.
The project, first inaugurated in April 2025, is expected to serve as a benchmark for modern steel manufacturing in Nigeria, driving infrastructure development, industrial diversification, and clean energy adoption.
