The Minister of Steel Development, Prince Shuaibu Abubakar Audu, yesterday, said that the $400 million Stellar Steel Plant investment in Ogun State will significantly boost Nigeria’s economy.
   
It also noted that the plant will help reduce Nigeria’s $4 billion yearly steel import bill, improve the nation’s foreign exchange position, create over 3,500 direct and indirect jobs, and diversify the economy away from oil and gas.
    
Audu disclosed this during the official groundbreaking ceremony of the Inner Galaxy Group’s Stellar Steel Plant, a $400 million investment in Ogun State. He said that the facility, once completed, will sit on over 100 hectares of land and produce hot-rolled coil, a vital product in industrial development.
    
The event followed the recent commissioning of the African Industries Group’s Galvanised Steel Plant in Lagos, a facility with an estimated yearly turnover of $100 million. Both events were part of the minister’s one-week working visit to Lagos and Ogun states to engage with key private players in the steel sector.

Commending Inner Galaxy Group’s commitment, Audu praised the investment as a bold step in support of President Bola Tinubu’s Renewed Hope Agenda. Audu said: “The Federal Government is keen on encouraging private sector players as a means of growing the Nigerian economy. 
    
“As you are aware, this is one of the most robust cabinet teams that have been put together by any President since the advent of the democratic dispensation in the Fourth Republic in 1999, considering that Tinubu is renowned for selecting the best hands and leaders to actualise his vision.”

In a statement, the principal information officer in the Ministry of Steel, Ijomah Opia, noted that the minister also expressed confidence in the capacity of the Inner Galaxy Group to deliver on its plans for the completion of the Stellar Steel Plant, as he expects to commission the plant by April 2026. 

He highlighted the group’s impressive track record, including the establishment of Nigeria’s largest lithium factory in Nasarawa State and a $150 million battery recycling plant in Aba, Abia State.
   
He added, “I have come to support the Inner Galaxy Group and the Stellar Steel Team for this $400 million 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.”