A $450 million steel-producing company, Stellar Steel Company Limited, is set to begin operations in Ogun State by the middle of 2026.
The investment, from Stellar Steel Company Limited, a subsidiary of the Galaxy Group and RSIN Group, headquartered in Fuzhou, Fujian Province, China, is expected to produce hot-rolled coil steel, iron steel doors, and gas cylinders — a move projected to significantly reduce Nigeria’s steel import bill.
Speaking during a courtesy visit to the Ogun State Governor, Prince Dapo Abiodun, the Vice Chairman of RSIN Group, Mr You Xiaotan, said the project was progressing according to schedule and would be completed next year.
“Stellar Steel Company Limited is the biggest investment for our whole group in Nigeria. We are here to give an update to His Excellency that our project is going very smoothly. We have already finished all the levelling and foundation work, so everything is on schedule.
“The total investment for this project is $450 million, and we will finish the project and commence operations next year,” he said.
Mr. Xiaotan further disclosed that more companies from Fujian Province are being encouraged to invest in Ogun State due to the state’s rapidly growing economy.
In his remarks, Governor Abiodun recalled that the state recently cemented a sister-state agreement with Shandong Province, which has opened doors for new partnerships and investments.
He pledged continued government support to ensure that investors enjoy a seamless experience through streamlined approval processes and efficient issuance of Certificates of Occupancy.
“When the likes of you come here, it validates that we have done all that is needed to attract investors.
Your presence translates to prosperity for our people because you create jobs and increase our Gross Domestic Product,” Governor Abiodun said.
“Thank you for coming to validate that Ogun State remains the industrial capital of Nigeria. We will continue to provide the necessary support and incentives to ensure your smooth operation,” he added.
Governor Abiodun assured the company of his administration’s willingness to facilitate any waivers, tariffs, or reliefs through the Ministry of Industry, Trade and Investment to ease the setup process.
The establishment of Stellar Steel Company Limited further strengthens Ogun State’s position as Nigeria’s leading destination for industrial and manufacturing investments.
Meanwhile, the Federal Government has announced plans to reconnect the Aluminium Smelting Company of Nigeria (ALSCON) in Ikot Abasi, Akwa Ibom State, to the national grid, in a move expected to unlock 540 megawatts of power when the facility becomes fully operational.
Minister of Power, Adebayo Adelabu, disclosed this during a working visit to the plant on Monday. He said the revival of ALSCON was a strategic step in the country’s industrial and energy plans, describing the facility as an asset whose potential had remained largely untapped for decades due to poor electricity supply.
Adelabu said discussions with key stakeholders, including the Transmission Company of Nigeria (TCN) and the Niger Delta Power Holding Company (NDPHC), had produced short- and medium-term strategies for restoring power to the smelter.
“We have made very good progress. The short-term solution to reconnect this plant to the grid has been determined, and we have also agreed on the medium-term plan,” he said. “But the most important outcome is that this company can contribute 540 MW of power to the national grid once fully operational.”
