The Federal Ministry of Steel Development has signed a Joint Strategic Cooperation Declaration with Stellar Steel Company Limited, marking a major step toward revitalizing Nigeria’s steel industry and reducing dependence on imported steel products.
Stellar Steel — a Nigerian-incorporated steel manufacturer backed by Chinese investors Galaxy Group and RSIN Group of Fuzhou, Fujian Province — is committing $400 million to the construction of a modern steel plant in Ewekoro, Ogun State. The project is slated to commence operations by mid-2026.
According to a statement signed by Ijomah E. Opia of the Ministry’s Information and Public Relations Department, the agreement was signed in Abuja on Tuesday, 28th October 2025, by the Minister of Steel Development, Prince Shuaibu Abubakar Audu, who hosted Mr. Li, President of Inner Galaxy Group, and the Stellar Steel delegation at the Ministry’s headquarters.
Prince Audu described the partnership as a “transformational milestone” that aligns with the Federal Government’s target of achieving 10 million tonnes of crude steel production annually by 2030, driving industrial self-reliance and economic diversification.
“This collaboration underscores our commitment to building a sustainable and competitive steel industry. By 2030, Nigeria aims to be self-sufficient in steel production, powering industries and creating jobs for our citizens,” the Minister said.
The Minister added that the Ministry will provide policy and infrastructure support, including the inclusion of Stellar Steel’s logistics initiatives in the National Infrastructure Plan and access to fiscal incentives to ensure smooth project execution.
Key Highlights of the Partnership include: establishment of a localized iron ore supply chain to cut import dependence and save over $1 billion in foreign exchange annually; creation of over 2,000 direct and 20,000 indirect jobs across the steel value chain; promotion of green steel production through clean, energy-efficient technologies and Strengthening Nigeria’s position as West Africa’s regional steel manufacturing hub.
Prince Audu emphasized that Stellar Steel will also prioritize local recruitment and capacity building, partnering with Nigerian universities to develop technical and managerial expertise in steel production.
“This strategic cooperation marks a new era for Nigeria’s steel industry and demonstrates the government’s dedication to sustainable industrial growth and economic transformation,” he added.
In his remarks, Mr. Li assured the Minister that Stellar Steel would uphold all agreements and complete the project on schedule, adhering to the highest safety and environmental standards.
“We are committed to delivering this project on time and to the highest standards. Stellar Steel will be a model for industrial cooperation between Nigeria and China,” he stated.
Mr. Li was accompanied by Mr. You Xiastian, Vice Chairman of RSIN Group; Mr. Jackie Den, Vice President of Inner Galaxy Group; and Mr. Yin, Director of RSIN Group.
He recalled that the Minister had performed the groundbreaking ceremony of the Ogun State steel plant in April 2025, signifying the project’s early momentum.
Both parties reaffirmed that the partnership will strengthen Nigeria’s industrial base, create sustainable jobs, and accelerate technology transfer, setting the stage for a new phase in the nation’s economic growth.
