The Governor of Ogun State, Adedapo Abiodun, has announced a major investment of $400 million Stellar Steel Plant development in Sagamu.
Inner Galaxy Group is said to be developing the plant in Sagamu, according to a statement by the governor on Tuesday, via his X page.
According to the governor, the project covers over 100 hectares, even as the facility will produce hot-rolled coil steel, a vital material for the construction, manufacturing, and automotive industries.
Project Details
The governor highlighted that the project is set for completion by April 2026 and marks a significant milestone in the state’s industrial development agenda.
“This transformative project is expected to reduce Nigeria’s $4 billion annual steel import bill, improve our foreign exchange reserves, and strengthen local manufacturing capacity.
” It will also create over 3,500 direct and indirect jobs, contributing meaningfully to our goals of economic diversification and job creation under the Renewed Hope Agenda,” he added.
- The governor disclosed he recently hosted the leadership of Inner Galaxy Group at the Governor’s Office in Oke-Mosan, Abeokuta.
“The delegation was led by Mr. Li Chuang, Chairman of the Group, and Mr. Jackie Shan, Vice President, who shared their long-term vision for Nigeria, ” he added.
- Abiodun stressed that both parties used the opportunity to reaffirm the administration’s commitment to a business-friendly environment, supported by modern infrastructure, efficient transportation, reliable power, healthcare, and education.
“This project further cements Ogun State’s position as Nigeria’s leading industrial hub and aligns with our broader strategy for industrialization, internally generated revenue growth, and sustainable economic development, ” Abiodun maintained.
- The governor said he remains proudly in support of initiatives like this that contribute directly to President Bola Tinubu’s vision of building a $1 trillion economy by 2030.
- He added that his administration remains committed to driving inclusive growth through strategic partnerships.
More Insights
The President of Inner Galaxy Group, Mr Li Shuang, disclosed that his company was ready to invest $400 million in establishing a hot rolled coiled steel factory in Ogun State.
Shuang, who led a delegation of principal officers of the company on a courtesy visit to Gov. Dapo Abiodun of Ogun, made this commitment at the meeting.
According to him, the proposed factory would have the capacity to employ about 6,500 direct and indirect workers and would be located in Ewekoro Local Government Area of the state.
“We are a multinational company with vast investments in Asia, the Philippines, Malaysia, and some African countries like Ghana and Angola. We entered the Nigerian market in 2005, producing iron rods for the building industry,” he said.
In his remarks, Abiodun expressed delight at the company’s plan to site the huge investment in Ogun.
