Nigeria, Oct. 29 -- The Nigerian Government has inked a deal of $400 million with Stellar Steel Company Limited, a Chinese-backed firm, to establish a modern steel plant in Ewekoro, Ogun State.

The partnership aims to revitalise the country's comatose steel industry, cut reliance on imported steel products and accelerate industrial growth, the principal information officer of the Ministry of Steel Development, Ijomah Opia, said in a statement on Wednesday.

The minister of steel development, Shuaibu Audu, signed the agreement when he hosted Li Shuang, the president of Inner Galaxy Group, and other members of Stellar Steel Company Limited in the ministry's headquarters in Abuja.

The project will be developed in three phases, with the fir...