The Minister of Steel development, Prince Shuaibu Abubakar Audu, has performed the official ground-breaking ceremony of the Inner Galaxy Group’s Stellar Steel Plant, a $400 million investment in Ogun state.
The Stellar Steel plant, which sits 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 ground-breaking follows the earlier commissioning of African Industries Group’s Galvanised Steel Plant by the minister in Lagos with an estimated annual turnover of about $100 million.
Both activities form part of his one week official visit to Lagos and Ogun states to engage with private steel players.
Performing the ceremony, Prince Audu lauded Inner Galaxy Group for their commitment to the steel industry revival efforts, saying 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 1999 because President Tinubu is renowned for selecting the best hands and leaders to actualise his vision,” Audu said.
The minister also expressed confidence in the capacity of 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 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.
“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 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,” he said.
Vice president of the Inner Galaxy Group, Mr Jackie Shan, who interpreted on behalf of its Chairman, Mr Li Chuang thanked the ministry for the revitalisation drive of the steel sector.
The minister also paid a working visits to Proforce Defence Solutions in Ode Remo and Epail Nigeria Plant both in Ogun state in line with the federal government’s push for local production of military hardware and the proposed development of a military industrial complex within the Ajaokuta Steel Complex.