The Minister of Steel Development, Prince Shuaibu Abubakar Audu, on Thursday, 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 annual 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 annual 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 Ahmed 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 has been put together by any President since the advent of the democratic dispensation in the Fourth Republic in 1999 because President 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, 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 completed plant by next 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 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.
“We want to grow the Nigerian economy to one of the biggest economies in the world by 2030. China has done that excellently well over the last 30 years and is also renowned for speed of execution. We as leaders in Nigeria want to follow in those footsteps so that we can make our economy not just the biggest in Africa but one of the biggest in the world.”
Vice President of the Inner Galaxy Group, Mr Jackie Shan, who interpreted on behalf of its Chairman, Mr Li Chuang, thanked the Ministry of Steel Development, under the leadership of the Honourable Minister for striving for the revitalisation of the steel sector in the country.
As part of his itinerary, the Minister also visited Proforce Defence Solutions in Ode Remo and Epail Nigeria in Mowe, Ogun State. These visits align with the FG’s push for local defence hardware production and the proposed establishment of a military industrial complex at the Ajaokuta Steel Complex.
Speaking at Proforce Nigeria Limited, the Minister said that Mr President has also repeatedly stated the importance of having a military industrial complex to help improve the security situation in the country, noting that having a military industrial complex in Ajaokuta with local capacity to produce military hardware is extremely critical.
In his remarks, the Managing Director of Proforce, Mr Ayo Ogundeyin, commended the Minister for his dedication to reviving the steel sector and affirmed that with support from the ministry, Nigeria could become Africa’s top defence manufacturing hub.
At Epail Nigeria, the Minister applauded the company’s use of advanced technology in defence production and reaffirmed the government’s readiness to collaborate in support of its operations.
Also, the Chairman of Epail Nigeria, Dr. Kola Balogun, called for stronger collaboration with the Ministry, highlighting the essential role of steel in defence production.
He advocated for a licensing framework to support and regulate private military equipment manufacturers in the country.
