The Federal Government has signed a $400 million cooperation agreement with Stellar Steel Company Limited, a Chinese-backed firm, to establish a major steel plant in Ewekoro, Ogun State. This partnership aims to boost Nigeria’s steel production, reduce import dependence, and create thousands of jobs.
Key highlights of the agreement include:
– Steel Plant Development: The plant will be developed in phases, with production expected to commence by mid-2026.
– Job Creation: The project will create over 2,000 direct and 20,000 indirect jobs, stimulating downstream industries.
– Economic Impact: The plant will help reduce Nigeria’s annual steel import bill, strengthen foreign exchange, and contribute to the country’s industrial growth.
– Sustainability: Stellar Steel will prioritize local recruitment, training, and green steel production using clean and energy-efficient technologies.
This agreement aligns with President Bola Tinubu’s “Renewed Hope Agenda” and supports Nigeria’s target of producing 10 million tonnes of crude steel annually by 2030.
