In a major stride toward industrial revival and self-sufficiency, President Bola Ahmed Tinubu’s administration has secured a $400 million Strategic Cooperation Agreement with Stellar Steel Company Limited, a subsidiary of China’s Inner Galaxy Group, to establish an integrated steel plant in Ewekoro, Ogun State. Signed by the Minister of Steel Development, Prince Shuaibu Abubakar Audu, the agreement marks one of the largest foreign direct investments in Nigeria’s industrial sector in recent years and demonstrates renewed international confidence in the nation’s economic reforms.

The project is designed to build a fully integrated steel value chain encompassing iron ore mining, smelting, processing, and sales, thereby reducing Nigeria’s dependence on imported steel. Scheduled to commence phased operations by the end of 2026, the Ewekoro steel plant is expected to create over 2,000 direct and 20,000 indirect jobs, positioning Nigeria as a regional leader in steel production across West Africa. The initiative aligns with President Tinubu’s broader goal of achieving a $1 trillion economy by 2030 through industrial diversification, infrastructure expansion, and inclusive growth.

Beyond job creation, the partnership will drive technology transfer and skills development through collaboration with Nigerian universities and technical institutions. The project is projected to save the country over $1 billion annually in foreign exchange and produce up to 10 million tonnes of crude steel by 2030. It also underscores the administration’s commitment to clean, green industrialization and sustainable economic transformation under the Renewed Hope Agenda.