The Federal Ministry of Steel Development has signed a joint strategic cooperation declaration for the establishment of a $400 million modern steel plant in Ewekoro, Ogun State.
The agreement with Inner Galaxy Group’s Stellar Steel Company Limited is part of ongoing efforts by the government to accelerate Nigeria’s industrialisation.
It is also aimed at achieving self-sufficiency in steel production, the Minister of Steel Development, Prince Shuaibu Abubakar Audu, said in a statement.
The minister, who signed the declaration on behalf of the Federal Government at his office on Tuesday, October 28, 2025, in Abuja, said the partnership marked a major milestone in the administration’s drive to revive the steel sector and position it as a catalyst for national economic growth towards a $1 trillion economy by 2030.
Audu noted that the new steel plant would be completed in phases, with the first phase scheduled to commence production by the end of 2026.
“The project will encompass a full industrial chain: from iron ore mining and smelting to steel processing and sales, positioning Nigeria as a regional hub for steel manufacturing in West Africa,” the statement signed by the Special Assistant (Media) to the Minister, Lizzy Okoji, revealed.
He reaffirmed the Federal Government’s commitment to creating an enabling environment for strategic investors in the steel sector.
According to him, the project aligns with President Bola Tinubu’s “Renewed Hope Agenda” aimed at promoting industrial growth, reducing import dependence, and creating sustainable jobs for Nigerians.
The partnership declaration supports Nigeria’s target of producing 10 million tonnes of crude steel annually by 2030.
It is expected to help build a localised iron ore supply chain to reduce production costs and foreign exchange outflows by over $1 billion annually.
Credit: channelstv.com
