FG, Stellar Steel Sign $400m Deal to Boost Local Steel Production The Federal Ministry of Steel Development has signed a Joint Strategic Cooperation Declaration with Stellar Steel Company Limited. Stellar Steel Company Limited is a steel-manufacturing enterprise established to operate in Nigeria, with major investment backing from Chinese parent groups: Galaxy Group and RSIN Group based in Fuzhou, Fujian Province, China.  The company has committed approximately US$450 million for a steel plant project in Ogun State, Nigeria, scheduled to begin operations by mid-2026. This landmark partnership is aimed at revitalizing Nigeria’s steel industry and reducing the nation’s dependence on imported steel products. The agreement, signed in Abuja, on Tuesday 28th October, 2025 will see Stellar Steel invest $400 million in the construction of a modern Steel Plant in Ewekoro, Ogun State. The project will be developed in three phases, with the first phase expected to begin production by 2026. The Honorable 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.  According to Prince Audu, 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. The Honorable Minister further stated that the  Federal Ministry of Steel Development will facilitate policy and infrastructure support, including inclusion of Stellar Steel’s logistics projects in the National Infrastructure Plan and access to available fiscal incentives. Highlights of the Cooperation includes; 1.Development of a localized iron ore supply chain to reduce import dependence and save over $1 billion in foreign exchange annually. 2. Creation of more than 2,000 direct and 20,000 indirect jobs across the steel value chain. 3. Promotion of green steel production using clean and energy-efficient technologies. 4. Strengthening of Nigeria’s position as a regional steel manufacturing hub in West Africa. He also stated that in return, Stellar Steel will prioritize local recruitment and training, partnering with Nigerian universities to build technical and managerial expertise in steel production. Prince Shuaibu emphasized that this strategic cooperation marks a new era for Nigeria’s steel industry and demonstrates the government’s commitment to sustainable industrial growth and economic transformation. In his remarks the leader of the delegation, Mr. Li assured the Honourable Minister that Stellar Steel Company Limited will respect all agreements reached and will ensure the completion of the project in record time and assured that all safety standards will be observed. Mr. Li was accompanied during the visit 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 Honourable Minister of Steel Department, Prince Shuaibu Abubakar Audu, performed the groundbreaking ceremony of the Steel Plant in Ogun State sometime in April, 2025. Speaking at the signing, representatives of both parties emphasized that the partnership would strengthen Nigeria’s industrial base, create jobs, and foster technology transfer in the sector.

Nigeria Mining Week: Minister of Steel Development, Prince Shuaibu Abubakar Audu, Pledges Stronger Collaboration with Solid Minerals Ministry to Accelerate Nigeria’s Industrial Growth The Honourable Minister of Steel Development, Prince Shuaibu Abubakar Audu, has pledged stronger collaboration between the Ministry of Steel Development and the Ministry of Solid Minerals Development to accelerate Nigeria’s industrial growth and unlock the full potential of the nation’s mining and steel sectors. Prince Audu made the pledge while delivering his Ministerial Address at the 10th Edition of the Nigeria Mining Week, held on Tuesday, October 14, 2025, in Abuja, with the theme “Nigeria Mining: From Progress to Global Relevance.” He commended the Honourable Minister of Solid Minerals Development, Dr. Dele Alake, for the bold reforms undertaken in the sector, which have strengthened transparency, improved oversight, and contributed to the nation’s GDP growth. The Minister outlined the progress made by the Ministry of Steel Development over the past two years, noting that the Ministry is targeting the production of 10 million tonnes of liquid steel by 2030 and the creation of over 500,000 direct and indirect jobs to drive self-reliance and industrialisation. He explained that achieving this goal will require more than 40 million tonnes of locally sourced raw materials annually, including iron ore, limestone, dolomite, and coal, adding that “the time to act is now.” “The expected synergy among stakeholders is crucial if we must overcome the challenges facing the minerals industry and drive the realisation of President Bola Ahmed Tinubu’s target of growing Nigeria’s GDP to $1 trillion by 2030,” the Minister stated. “The potentials of this sector are vast — supported by our market size, abundant raw materials, infrastructure development, housing and energy demands, the African Continental Free Trade Agreement, and various Federal Government incentives,” he added. Declaring the event open, President Bola Ahmed Tinubu, represented by the Secretary to the Government of the Federation (SGF), Sen. George Akume, commended Dr. Dele Alake for his leadership and commitment to repositioning the solid minerals sector as a key pillar of Nigeria’s economic diversification agenda. President Tinubu said that the Federal Government has earmarked an additional ₦1 trillion for solid minerals development in the 2025 Budget, to support geo-scientific exploration, geological surveys, and the development of critical infrastructure needed to unlock opportunities within the sector. In his remarks, Dr. Dele Alake disclosed that the solid minerals sector has experienced significant growth under the present administration. He revealed that in 2024, the sector generated ₦38 billion in revenue, up from ₦6 billion in the previous year — a six-fold increase achieved through bold reforms, policy consistency, and improved institutional oversight. As part of the event, a Steel Forum, organised as part of the Nigeria Mining Week, is scheduled to hold on the sidelines on Wednesday, October 15, 2025, at the Abuja Continental Hotel, where key stakeholders will deliberate further on investment opportunities, policy alignment, and strategies to reposition Nigeria’s steel industry for sustainable growth.

FORGING THE FUTURE FOR THE REVIVAL OF NIGERIA’S STEEL INDUSTRY: HIGHLIGHTS OF THE TWO-YEAR ACHIEVEMENTS OF THE HONOURABLE MINISTER OF STEEL DEVELOPMENT, PRINCE SHUAIBU ABUBAKAR AUDU - Signing of a Memorandum of Understanding (MoU) in September 2024, with the original builders of Ajaokuta Steel Plant. - Engaging with China as a strategic partner for the revival of Ajaokuta, due to the Russian-Ukraine War.  - Facilitating a $500 million investment for the establishment of five mini-LNG plants by NNPCL and its partners, by providing the relevant environment and sites within the Ajaokuta Steel territory.  - The official groundbreaking ceremony of the Inner Galaxy Group’s Stellar Steel Plant, a $400 million investment in Ogun State. That plant is expected to be completed and commissioned by April 2026.  - Commissioning of the Orbit Galvanized Steel Plant with an estimated annual turnover of about $100 million which has the capacity to produce fabricated towers for building telecommunication towers for indigenous projects and exports.  - Partnership with the Ministry of Defence and the Defence Industries Corporation of Nigeria (DICON) to sign a Memorandum of Understanding (MoU) to commence the production of Military hardwares such as riffles, vests, helmets and bullets, at the Ajaokuta Steel Complex.  - Designing an in-house 10-year Roadmap for the revitalization of the steel industry by an in-house technical team to chart the course for the revival of the entire steel sector, while the Ministry continues to seek private sector financing, including from the World Bank to develop a comprehensive Road Map in collaboration with external experts in line with international standards.  - Efforts towards the re-operation of the Aluminum Smelter Company Limited (ALSCON), and Delta Steel (now Premium Mines and Steel Limited). - Encouraging and incorporating private steel players in the revival plans of the FGN. The AIG Group made an investment of $600 million in the steel sector in its 900-hectare iron ore mine in Gujeni, Kaduna State. KAM also has multi-million dollar plants in Ilorin and Sagamu. - Engagement with the National Assembly for the Passage of the Nigerian Metallurgical Industry Bill 2023. - A robust retreat organised for staff of the Ministry to sensitize them on the mandate of the newly established Ministry in other for them to align with the vision of President Bola Ahmed Tinubu for the steel sector. - The maiden National Steel Summit which brought together key stakeholders in the steel and metals sector to critically evaluate the state of the industry and to adopt a consensus roadmap for the revival and sustainable development of Nigeria’s steel sector, to help create over 500,000 direct and indirect jobs and to position Nigeria as a major Steel hub for Sub-Saharan Africa by producing 10 million metric tonnes of liquid steel annually in order to contribute significantly to the $1 trillion GDP target by 2030.