The Federal Government has signed a declaration with
Inner Galaxy Group’s Stellar Steel Company Limited to accelerate
Nigeria’s industrialization and achieve self-sufficiency in steel production.
The Minister of Steel Development, Prince Shuaibu
Abubakar Audu, disclosed this in a statement on Tuesday, October 28, 2025,
following the signing ceremony in Abuja.
Audu described the agreement as a major milestone in
President Bola Tinubu’s administration’s drive to revive the steel sector and
position it as a catalyst for economic growth toward a $1 trillion economy
by 2030.
According to a statement signed by the minister’s
media aide, Lizzy Okoji, the new steel plant will be developed in
phases, with the first phase scheduled to begin 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 read.
Industrial Growth and Job Creation
Audu reaffirmed the Federal Government’s commitment to
providing fiscal incentives, infrastructure support, and an enabling regulatory
framework to attract strategic investors to the steel sector.
He said the initiative aligns with President Tinubu’s Renewed
Hope Agenda to promote industrial growth, reduce import dependence, and
create sustainable jobs for Nigerians.
The project supports Nigeria’s target of producing 10
million tonnes of crude steel annually by 2030 and is expected to save over
$1 billion in foreign exchange outflows each year. It is also projected
to create more than 2,000 direct and 20,000 indirect jobs,
stimulate downstream industries, and promote eco-friendly steel production.
Environmental Sustainability
Signing on behalf of Stellar Steel, Group Chairman
Xiaotian You expressed the company’s commitment to deploying advanced
technologies and adhering to environmental sustainability standards.
He said Stellar Steel would implement a localised
recruitment and training programme in collaboration with Nigerian universities
and technical institutes to build capacity in steel technology and management.
Audu recalled that the ministry had earlier performed
the groundbreaking for a $400 million steel plant in Ewekoro, Ogun State,
in April 2025, adding that the ongoing investments would serve as benchmarks
for modern steel production in Nigeria.
Also present at the signing were the President of
Inner Galaxy Group, Li Shuang, Vice President Jackie Chen, and a Director
of RSIN Group.
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