Nigeria has signed a $400 million agreement with Chinese company Stellar Steel to establish a modern steel plant aimed at reducing the country’s heavy reliance on imported steel and revitalizing its industrial base.
The deal, signed on Wednesday by Nigeria’s Minister of Steel Development, Shuaibu Abubakar Audu, and Li Shuang, Chairman of Stellar Steel, outlines the construction of a large-scale steel complex in Ewekoro, Ogun State. The project will be developed in three phases, with the first expected to begin production by mid-2026.
According to Minister Audu, the initiative is part of Nigeria’s national strategy to produce up to 10 million tons of crude steel annually by 2030, a move expected to significantly strengthen the country’s manufacturing and construction sectors.
The minister added that the project is projected to create more than 2,000 direct jobs and 20,000 indirect jobs, while saving approximately $1 billion annually in foreign exchange currently spent on steel imports.
Stellar Steel executives affirmed the company’s commitment to meeting all project milestones on schedule, underscoring the partnership as a step toward deepening Sino-Nigerian industrial cooperation.
