CONSTRUCTION works have begun on the Inner Galaxy Group’s Stellar Steel Plant, a $400 million investment in Ogun State.
The groundbreaking ceremony was recently performed by the Honourable Minister of Steel Development, Prince Shuaibu Abubakar Audu, with targets to commission the completed plant by 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.
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, strengthening the nation’s foreign-exchange position, growing and diversifying the economy away from oil & gas and also creating over 3,500 direct and indirect jobs for Nigerians.
The Vice President of the Inner Galaxy Group, Mr. Jackie Shan, who interpreted on behalf of its Chairman, Mr. Li Chuang, who was also present, thanked the Ministry of Steel Development, under the leadership of the Honourable Minister, for striving for the revitalization of the steel sector in the country.