₦airaland Forum

The Federal Government has signed a $400 million Strategic Cooperation Agreement with Stellar Steel Company Limited, a subsidiary of China’s Inner Galaxy Group, to establish an integrated steel plant in Ewekoro, Ogun State.

The announcement was contained in a statement posted on the Official Handle of the Presidency of the Federal Republic of Nigeria on Wednesday.

The agreement, signed by the Minister of Steel Development, Prince Shuaibu Abubakar Audu, on behalf of the Federal Government of Nigeria, marks a major step toward reviving Nigeria’s steel industry.

Once completed, the Ewekoro plant will enable Nigeria to produce up to 10 million tonnes of crude steel annually, positioning the country as a key regional hub for steel manufacturing in West Africa.

“The Federal Government has signed a $400 million Strategic Cooperation Agreement with Stellar Steel Company Limited, a subsidiary of China’s Inner Galaxy Group, to establish an integrated steel plant in Ewekoro, Ogun State.

“The agreement, signed by the Minister of Steel Development, Prince Shuaibu Abubakar Audu, marks a major step toward reviving Nigeria’s steel industry and advancing President Bola Ahmed Tinubu’s Renewed Hope industrialisation agenda, ” the statement read in part.

It added, “Once completed, the Ewekoro plant will enable Nigeria to produce up to 10 million tonnes of crude steel annually, saving over $1 billion in foreign exchange each year.”

He added that the facility would generate more than 2,000 direct jobs in Ewekoro and about 20,000 indirect jobs along the steel value chain


Stellar Steel’s Assurance

In his response, Mr. Li assured the minister that Stellar Steel would honour all terms of the agreement and deliver the plant within record time. He pledged that the project would meet international standards and that the company would strictly observe environmental and safety protocols during both the construction and production phases.

“We are determined to see this project through to completion, and we will ensure that it is done with the highest safety and quality standards,” Li said.

He emphasised that Stellar Steel viewed Nigeria as a key strategic partner and that the company was committed to supporting the country’s industrialisation agenda.

The signing of the agreement is being seen as a potential turning point for Nigeria’s troubled steel sector, which has struggled for decades to live up to its potential despite huge investments.

For Audu, the Ewekoro plant is proof that Nigeria can finally move beyond abandoned projects and stalled initiatives, such as Ajaokuta, and embrace a new chapter in its industrial journey.

“This cooperation demonstrates our seriousness in transforming the steel industry into a sustainable driver of jobs, infrastructure and economic development.

The era of missed opportunities must end. This project is a symbol of what we intend to achieve in the years ahead,” the minister concluded.

Hmmmmm2024:
This propaganda is too small to overshadow the Donald Trump's threat... the Nigerian government should should try something else 😂😂😂😂😂😂

helinues:
Are you immune/allergic to anything good news!

AqualinaXYZ:
Na so



Everyday Ogun dey get billion dollar deals



Still no one came to reality



Rubbish

Sellfish:
Ogun state the sickle cell patient that keeps getting blood transfusions but refuses to get well

Everytime Ogun receives this, Ogun receives that...Yet it's still not much better than Ekiti State

sreamsense:
Is ipob/ESN land ready? No foreign company wants to go to ipob/ESN land; they work on factual data and not distorted data. You are agitating the release of a terrorist founder and you want foreign investors to hear that and make your abode a destination. Continue, shout west will wait for you!

Hmmmmm2024:
What is good about propaganda ?

bestman09:
Hope this won't be another conduit pipe to siphon funds like Ajaokuta?

helinues:
Northerners should continue fighting while others are securing deals

President Tinubu Secures Landmark Deal with United Arab Emirates Across Sectors; Visa Ban on Nigerian Travelers is Lifted Immediately

September 11, 2023

President Bola Ahmed Tinubu and President of the United Arab Emirates, Mohamed bin Zayed Al Nahyan, on Monday in Abu Dhabi, have finalized a historic agreement, which has resulted in the immediate cessation of the visa ban placed on Nigerian travelers.

Furthermore, by this historic agreement, both Etihad Airlines and Emirates Airlines are to immediately resume flight schedules into and out of Nigeria, without any further delay.
As negotiated between the two Heads of State, this immediate restoration of flight activity, through these two airlines and between the two countries, does not involve any immediate payment by the Nigerian government.

In recognition of President Tinubu’s economic development diplomacy drive and proposals today presented by President Tinubu to his counterpart, an agreed framework has been established, which will involve several billions of U.S. dollars worth of new investments into the Nigerian economy across multiple sectors, including defense, agriculture and others, by the investment arms of the Government of the United Arab Emirates.

Additionally, President Tinubu is pleased to have successfully negotiated a joint, new foreign exchange liquidity programme between the two Governments, which will be announced in detail in the coming weeks.

In conclusion, the President wishes to commend the UAE President, Mohamed bin Zayed Al Nahyan, for his unalloyed friendship and his determined effort to join hands with him to fully normalize and reset to excellence, the standard of relations between the two important countries.

Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
September 11, 2023

https://statehouse.gov.ng/president-tinubu-secures-landmark-deal-with-united-arab-emirates-across-sectors-visa-ban-on-nigerian-travelers-is-lifted-immediately/

Ola9ja23:
Pandora Obituary people above are in severe pain

Can't believe any good news is a poison to some people but it's what it is. Congenital sadness is in their DNA


You should have asked why no foreign investors see anything good in your 5 dot in a circle republic. 😂😂😂

anonimi:
Petrol should never cost more than N70 per litre, says APC

January 19, 2015

The All Progressives Congress (APC) has described as mere tokenism the reduction of petrol price from N97 to N87 per litre, saying the petroleum product ordinarily should sell for N70.

On Sunday, the federal government announced the reduction of petrol price, citing the fall of global crude oil price.

But the APC through Lai Mohammed, its spokesman, on Monday accused the government of making a show out of deceit, saying “a 10.3 per cent slash in the price of petrol was a mere tokenism at a time the price of crude oil has crashed by about 60 per cent”.

It argued that the pump price of a litre of petrol should not be more than 70 Naira, alleging that at N87 per litre, the government was forcing Nigerians to subsidise the massive corruption in the oil sector by N17 for every litre of fuel.

https://www.thecable.ng/petrol-never-cost-n70-per-litre-says-apc/

AqualinaXYZ:
Na so



Everyday Ogun dey get billion dollar deals



Still no one came to reality



Rubbish

anonimi:
Just like the good news about petrol price reduction was sad news for the leaders looters in Oshiomhole’s Assembly of Past Criminals, APC a decade ago?

How much is petrol now, so that we know how massive the APC corruption that we are subsidising in reverse? Has Tinubu crashed the price below what it was in January 2023?