The Federal Government has taken a bold step to slash Nigeria’s 4 billion dollars annual steel import bill with the groundbreaking of a 400 million dollars Stellar Steel Plant in Ogun State.
The Minister of Steel Development, Shuaibu Audu, who performed the official groundbreaking ceremony of the steel plant, said the move is aimed at revitalising the country’s steel sector and reducing dependence on imports.
This was disclosed in a statement signed by the Principal Information Officer, Ijomah Opia.
Located on over 100 hectares of land, the Stellar Steel Plant is expected to produce hot-rolled coil, a key raw material for various industries including construction, automotive, and manufacturing.
According to the minister, the facility will not only enhance industrial growth but also generate over 3,500 direct and indirect jobs, thereby contributing to the administration’s employment drive and economic development agenda.