FG, Chinese Firm Sign $400m Deal to Build Steel Plant in Ogun

The Federal Government has signed a $400 million cooperation agreement with Chinese-backed Stellar Steel Company Limited to establish a major steel plant in Ewekoro, Ogun State. The deal, sealed in Abuja between the Minister of Steel Development, Prince Shuaibu Abubakar Audu, and Stellar Steel’s President, Mr. Li, represents one of the biggest foreign investments in Nigeria’s steel sector in nearly a decade.

According to the Ministry of Steel Development, the project is expected to begin operations by mid-2026 and will create over 20,000 jobs. The initiative aims to boost local steel production, reduce import dependence, and advance Nigeria’s goal of producing 10 million tonnes of crude steel annually by 2030.

Written by Adeyemi Adewale