Nigeria’s dream of becoming an industrial powerhouse just took a bold step forward. In a landmark agreement signed in Abuja, the Federal Ministry of Steel Development joined forces with Stellar Steel Company Limited to construct a $400 million modern steel plant in Ewekoro, Ogun State. The project, expected to roll out in three phases, will see its first phase begin production by 2026.
The signing ceremony took place at the Ministry’s headquarters, where the Minister of Steel Development, Prince Shuaibu Abubakar Audu, welcomed Mr. Li, President of Inner Galaxy Group, alongside senior executives of Stellar Steel. The minister described the partnership as a major leap toward Nigeria’s goal of producing 10 million tonnes of crude steel annually by 2030 — a target central to the country’s drive for industrial self-reliance and economic diversification.
Under the agreement, the government will provide policy and infrastructure support, including the inclusion of Stellar Steel’s logistics projects in the National Infrastructure Plan and access to fiscal incentives. The project is also expected to establish a localized iron ore supply chain, which could save Nigeria over $1 billion in foreign exchange yearly by reducing dependence on imported materials.
Beyond its economic impact, the initiative promises to create over 2,000 direct jobs and an estimated 20,000 indirect opportunities across the steel value chain. The plant will focus on green, energy-efficient steel production methods — a move aligned with global sustainability trends and Nigeria’s ambition to become West Africa’s top steel manufacturing hub.
Prince Audu emphasized that this cooperation signals a new dawn for Nigeria’s steel industry. “This partnership shows our government’s determination to promote sustainable industrial growth, job creation, and economic transformation,” he said.
In his remarks, Mr. Li assured that Stellar Steel would uphold every term of the agreement and deliver the project on schedule while maintaining strict adherence to international safety and environmental standards. The company also pledged to prioritize local employment and collaborate with Nigerian universities to train skilled professionals in steel production and management.
The project, when completed, is expected to become one of the largest steel facilities in the region — reshaping Nigeria’s industrial landscape and reaffirming its place as a major player in Africa’s economic future.
