The Minister of Steel Development, Shuaibu Audu has performed the official groundbreaking ceremony of the Inner Galaxy Group’s Stellar Steel Plant, a $400 million investment in Ogun State.
The Stellar Steel plant, which will sit on over 100 hectares of land once completed, is expected to produce hot-rolled coil, reducing Nigeria’s $4 billion annual steel import bill.
It would also create over 3,500 direct and indirect jobs for Nigerians.
This followed the commissioning of the African Industries Group’s Galvanised Steel Plant by the minister in Lagos with an estimated annual turnover of about $100 million.
Both activities form part of his one-week official visit to Lagos and Ogun States to engage with private steel players.
Audu in a statement Thursday by the Principal Information Officer of the ministry, Ijomah Opia expressed confidence in the capacity of the company to deliver on its plans for the completion of the Plant by next April, 2026.
He lauded the company’s track record in Nigeria, which includes building the largest lithium factory in Nasarawa State and a $150 million battery-recycling facility in Aba, Abia State.
Audu noted: “I have personally come to support the Inner Galaxy Group and the Stellar Steel Team for this 400-million-dollar investment in the steel sector.
“It is a very impressive project, and I have come to perform the groundbreaking ceremony, as I look forward to coming for the commissioning once it is ready in April 2026, by God’s grace.
“Under President Bola Ahmed Tinubu’s Renewed Hope Agenda, we are determined to build a $1 trillion economy by 2030. Steel is the backbone of industrialisation; from roads and power stations to defence hardware — they all need steel, and this particular project exemplifies the public–private partnership required to compete in Africa and globally.
On his part, Vice President of Inner Galaxy Group, Mr Jackie Shan, who interpreted on behalf of its Chairman, Mr. Li Chuang, who was also present, thanked the ministry for striving for the revitalisation of the steel sector in the country.
Also, the minister paid visits to Proforce Defence Solutions in Ode Remo and Epail Nigeria Plant in Mowe, both in Ogun State.
The visits are aligned with the federal government’s push for local production of military hardware and the proposed development of a military industrial complex within the Ajaokuta Steel Complex.