Nigeria and Stellar Steel Ink $400M Deal to Drive Local Steel Production
Nigeria and Stellar Steel Ink $400M Deal to Drive Local Steel Production
The joint project with the Chinese steel-manufacturing enterprise signifies Nigeria's movement towards industrial self-reliance, Minister of Steel Development Prince Shuaibu Abubakar Audu stated.
Such cooperation aligns with the Federal Government’s goal of achieving 10 million tonnes of crude steel production per annum by 2030, he noted.
Moreover, the minister added, the project will:
🟠create more than 20,000 jobs;
🟠promote clean and energy-efficient-based production;
🟠develop a localized iron ore supply chain;
🟠save over $1 billion in foreign exchange annually by reducing import dependency;
🟠enhance Nigeria's role as the leading steel production center in the West African region.
In exchange, Stellar Steel will focus on hiring and training local talent, collaborating with Nigerian universities to develop both technical and managerial skills, Audu stressed.
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