The Federal Government has sealed a $400 million cooperation agreement with Stellar Steel Company Limited, a Chinese-backed firm, to establish a massive steel production plant in Ewekoro, Ogun State.
According to government officials, the project is expected to create thousands of jobs, boost industrial output, and reduce Nigeria’s heavy dependence on imported steel products.
The partnership marks one of the largest foreign direct investments in Nigeria’s steel sector in recent years and aligns with President Bola Tinubu’s industrialization agenda aimed at reviving local manufacturing and infrastructure development.
Construction of the Ewekoro steel complex is expected to commence soon, with operations projected to begin within the next two years.
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