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The Federal Government of Nigeria has signed a landmark agreement with Stellar Steel Company Limited to establish a modern steel plant in Ogun State, marking a significant milestone in the nation’s quest for industrial self-reliance.

The Joint Strategic Cooperation Declaration, signed on Tuesday, October 28, 2025, is expected to revitalize Nigeria’s steel industry and reduce the country’s dependence on imported steel products.

Stellar Steel, backed by Chinese investors Galaxy Group and RSIN Group, will invest $400 million in the project, which will be developed in three phases. The first phase is expected to begin production by mid-2026.

Speaking at the signing ceremony, Minister of Steel Development, Prince Shuaibu Abubakar Audu, said the partnership aligns with the Federal Government’s goal of achieving 10 million tonnes of crude steel production per annum by 2030.

“The collaboration marks a new era for Nigeria’s steel industry and demonstrates the government’s commitment to sustainable industrial growth and economic transformation,” Prince Audu said.

The project is expected to create over 2,000 direct and 20,000 indirect jobs, promote green steel production, and strengthen Nigeria’s position as a regional steel manufacturing hub in West Africa.

Stellar Steel will prioritize local recruitment and training, partnering with Nigerian universities to build technical and managerial expertise in steel production.

Mr. Li, President of Inner Galaxy Group, assured that Stellar Steel will respect all agreements and ensure the completion of the project in record time, observing all safety standards.

The groundbreaking ceremony for the steel plant was performed by Prince Audu in April 2025, and the project is expected to be a game-changer for Nigeria’s steel industry.

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