By Ikugbadi Oluwasegun
The federal ministry of steel development has signed a joint strategic cooperation declaration with stellar steel company limited, a steel-manufacturing enterprise established to operate in Nigeria, with major investment backing from Chinese parent groups: Galaxy group and RSIN group based in china.
A statement signed by the ministry’s director of information and public relations, Salamatu Jibaniya says the company has committed approximately 400 million us dollars for the construction of a modern steel plant in Ewekoro Ogun state, Nigeria.
The project will be developed in three phases, with the first phase expected to begin production by 2026.
The partnership is aimed at revitalizing Nigeria’s steel industry and reducing the nation’s dependence on imported steel products.
The minister of steel development prince Shuaibu Abubakar Audu signed the agreement when he hosted mr. Li, president of inner galaxy group and other members of the stellar steel company limited in the ministry’s headquarters in abuja.
The minister says the collaboration aligns with the federal government’s goal of achieving 10 million tonnes of crude steel production per annum by 2030, a major step toward industrial self-reliance and economic diversification.
