FG, Firm Sign $400m Agreement To Establish Integrated Steel Plant In Ogun

October 29, 2025
By Tobi Akinnubi

The Federal Government has entered into a $400 million agreement with a private firm to establish an integrated steel plant in Ogun State, as part of efforts to boost local production and accelerate industrial development.

The Minister of Steel Development, Prince Shuaibu Abubakar Audu, disclosed this on Wednesday during the official signing ceremony in Abuja. He said the new facility would be constructed in phases, with the first phase scheduled to begin production by the end of 2026.

According to the minister, the project is a significant step toward reviving Nigeria’s steel industry, which has long suffered from underinvestment and reliance on imports. He noted that the government remains committed to providing an enabling environment for investors through favorable policies, infrastructure support, and security assurance.

Audu explained that the plant, when completed, will not only meet domestic steel demand but also position Nigeria as a major exporter of steel products in West Africa.

He added that the project is in line with President Bola Tinubu’s Renewed Hope Agenda, which prioritizes industrial growth, job creation, and economic diversification.

The minister further revealed that the integrated steel complex would create thousands of direct and indirect jobs, boost local mining activities, and stimulate the development of ancillary industries such as power, transportation, and construction.

He assured Nigerians that the Ministry of Steel Development will closely monitor the implementation process to ensure timely delivery and full compliance with international standards.