A $450 million steel-producing company, Stellar Steel Company Limited, is set to begin operations in Ogun State by mid-2026.The investment, by 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.

Vice Chairman of RSIN Group, You Xiaotan, who spoke during a courtesy visit to Ogun State governor, Dapo Abiodun, said the project was progressing according to schedule and would be completed next year.

Xiaotan further disclosed that more firms from Fujian Province are being encouraged to invest in Ogun State due to the state’s rapidly growing economy.

In his remark, Abiodun pledged the government’s continued support to ensure that investors enjoy a seamless experience through streamlined approval processes and efficient issuance of Certificates of Occupancy.

“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.

Abiodun, however, assured the company of the administration’s willingness to facilitate any waivers, tariffs, or reliefs through the Ministry of Industry, Trade and Investment to ease the setup process.