Nigeria steel industry don finally get fresh hope as Federal Government don sign $400 million agreement with Stellar Steel Company Limited, one Chinese-backed company, to build big steel plant for Ewekoro, Ogun State.
The deal wey dem sign for Abuja on Wednesday between Federal Ministry of Steel Development and Stellar Steel na one of the biggest foreign investments wey don enter Nigeria steel sector in almost 10 years.
According to statement from the ministry’s Public Information Officer, Ijomah Opia, Minister of Steel Development, Prince Shuaibu Abubakar Audu, and Mr Li, President of Inner Galaxy Group, sign the agreement on behalf of both sides.
The company, wey get support from Chinese parent groups — Galaxy Group and RSIN Group from Fuzhou, Fujian Province, China — don commit around $450 million for the project wey go start operation by mid-2026.
Minister Audu talk say the deal fit help government meet target to produce 10 million tonnes of crude steel every year by 2030, wey go help Nigeria depend less on import and boost local industry.
He talk say government go support the project with good policy, infrastructure and tax incentives wey go make things easy for the company.
The project go:
Build local iron ore supply chain to save over $1 billion foreign exchange every year,
Create 2,000 direct and 20,000 indirect jobs,
Use clean energy to produce green steel,
And turn Nigeria to the steel capital of West Africa.
Audu also talk say Stellar Steel don promise to hire and train Nigerians and go work with local universities to build skill for steel production.
Mr Li wey lead the Chinese delegation assure say the company go follow all safety and environment rules and complete the project sharp-sharp.
He remember say the groundbreaking for Ogun plant don already happen for April 2025, and this new deal go push the project faster.
Nigeria wey get plenty iron ore still dey import over $4 billion worth of steel every year. The Federal Government believe say this new partnership go help revive the sector wey Ajaokuta Steel Complex never deliver for decades.
