The Nigerian Minister of Steel Development, Prince Shuaibu Abubakar Audu, has officiated the groundbreaking ceremony for the Inner Galaxy Group’s Stellar Steel Plant, a $400 million investment located in Ogun State, Southwest Nigeria.
The Stellar Steel plant, set to occupy over 100 hectares upon completion, is expected to produce hot-rolled coils, significantly reducing Nigeria’s $4 billion annual steel import expenditure. The plant aims to strengthen the nation’s foreign exchange position, diversify the economy away from oil and gas, and create over 3,500 direct and indirect jobs.
The groundbreaking follows the commissioning of the African Industries Group’s Galvanized Steel Plant in Lagos, which is projected to generate an annual turnover of approximately $100 million. This event is part of Minister Audu’s one-week official visit to Lagos and Ogun States, where he engaged with private steel industry stakeholders.
Prince Audu praised the Inner Galaxy Group for their contribution to the steel sector revival in line with President Bola Tinubu’s “Renewed Hope Agenda.” He also reaffirmed the Federal Government’s commitment to supporting private sector players in driving Nigeria’s economic growth.
He highlighted President Tinubu’s cabinet as one of the most competent, praising the selection of top leaders to implement the President’s vision. He expressed confidence that the Inner Galaxy Group would meet its target of completing the Stellar Steel Plant by April 2026.
The Minister acknowledged the group’s successful track record in Nigeria, including the establishment of the largest lithium factory in Nasarawa State and a $150 million battery-recycling facility in Aba, Abia State. He further reiterated the importance of steel to industrialisation, which is essential for infrastructure, defence, and other sectors critical to Nigeria’s development.
Minister Audu outlined the Federal Government’s ambition to build a $1 trillion economy by 2030, drawing inspiration from China’s successful economic strategies. He expressed hope that Nigeria could become one of the world’s largest economies by the end of the decade.
At the event, Inner Galaxy Group’s Vice President, Mr Jackie Shan, commended the Ministry of Steel Development for its efforts in revitalising the steel sector.
During his visit, Minister Audu also toured Proforce Defence Solutions and Epail Nigeria Plant in Ogun State, focusing on enhancing local production of military hardware and developing a military industrial complex within the Ajaokuta Steel Complex. The Minister reiterated the government’s commitment to improving the security situation through local defence production.
Proforce’s Managing Director, Mr. Ayo Ogundeyin, praised the Minister’s dedication to the steel sector and expressed optimism about Nigeria’s potential as Africa’s leading defence manufacturing hub. At Epail Nigeria, Dr. Kola Balogun, Chairman of Epail, emphasised the importance of steel in defence production and advocated for stronger collaboration with the Ministry, as well as a licensing framework for private military equipment manufacturers.
