The Federal Government has taken a bold step toward revitalising Nigeria’s steel industry with the official groundbreaking of Inner Galaxy Group’s Stellar Steel Plant — a $400 million investment project located in Ogun State.
The ceremony was performed by the Minister of Steel Development, Prince Shuaibu Abubakar Audu, as part of his week-long working visit to Lagos and Ogun States, aimed at engaging private sector players in the steel sector.
According to a statement released on Thursday by the Ministry’s Principal Information Officer, Ijomah E. Opia, the Stellar Steel Plant, which will be sited on over 100 hectares of land, is expected to produce hot-rolled coil. This is projected to slash Nigeria’s $4 billion annual steel import bill, bolster foreign exchange reserves, diversify the economy beyond oil, and generate over 3,500 direct and indirect jobs for Nigerians.
The groundbreaking follows the recent commissioning of the African Industries Group’s Galvanised Steel Plant, which boasts an estimated annual turnover of $100 million — both events highlighting the growing momentum in Nigeria’s steel transformation efforts.
Speaking at the event, Audu praised Inner Galaxy Group for its unwavering commitment to industrial development under the Renewed Hope Agenda of President Bola Ahmed Tinubu.
“This is one of the most competent cabinets formed since the Fourth Republic, and President Tinubu has placed industrialisation at the core of his vision. Steel remains the backbone of every industrial economy — from roads and railways to defence equipment — and this project is a vital building block in our drive to build a $1 trillion economy by 2030,” the minister said.
He expressed optimism that the Stellar Steel Plant would be completed and commissioned by April 2026, citing the company’s track record, including the largest lithium factory in Nasarawa State and a $150 million battery-recycling plant in Aba, Abia State.
“I’m here to support the Stellar Steel Team, and I look forward to returning for the commissioning. This $400 million investment is a shining example of the kind of public–private partnership Nigeria needs to compete globally,” Audu said.
Jackie Shan, Vice President of Inner Galaxy Group, spoke on behalf of Chairman Mr. Li Chuang, expressing gratitude to the Federal Government for its support and commitment to reviving the steel sector.
As part of his industrial tour, the minister also visited Proforce Defence Solutions in Ode Remo and Epail Nigeria Plant in Mowe — both based in Ogun State — reinforcing the administration’s focus on local production of military hardware and the development of a proposed military industrial complex in Ajaokuta.
Speaking at Proforce, Audu noted that President Tinubu has emphasised the strategic need for Nigeria to establish its own military industrial base to boost national security.
“Developing a military industrial complex within Ajaokuta is essential to addressing our security needs and positioning Nigeria as a defence manufacturing hub,” the minister stated.
Proforce Managing Director, Mr. Ayo Ogundeyin, applauded the minister’s leadership and affirmed that with the right support, Nigeria could emerge as Africa’s top destination for defence manufacturing.
At Epail Nigeria, the minister commended the company’s innovative approach to defence production, while Chairman Dr. Kola Balogun called for a structured licensing framework to regulate and empower local military equipment manufacturers.
The minister reaffirmed the Federal Government’s readiness to support these players as part of broader efforts to build a sustainable, self-reliant industrial base across critical sectors.
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