The USD 400 million Stellar Steel Plant project in Ogun State, Nigeria, developed by Inner Galaxy Group, has been officially announced. The plant, which will be built on 100 hectares of land in the Sagamu region, is planned to serve the construction, manufacturing and automotive sectors by producing hot rolled coil steel. The project is expected to be completed in April 2026.
The project, which is expected to reduce Nigeria's steel imports amounting to USD 4 billion annually, is also important in terms of strengthening foreign exchange reserves and supporting domestic production. In line with the goals of increasing economic diversification and job creation, the plant is expected to directly and indirectly create more than 3,500 jobs.
As part of the project announcement, senior executives of Inner Galaxy Group were hosted by Ogun State Governor Prince Dr. Dapo Abiodun at the governor's office in Oke-Mosan, Abeokuta. The Group's Chairman Li Chuang and Vice President Jackie Shan shared their long-term investment vision for Nigeria. Governor Abiodun reiterated their commitment to creating an investment-friendly environment in the areas of modern infrastructure, transportation, energy, health and education.
The Stellar Steel Plant is in line with the vision of transforming Ogun State into Nigeria's leading industrial hub and will directly contribute to the country's industrialization, income generation and sustainable growth goals. Governor Abiodun emphasized that the project supports President Bola Ahmed Tinubu's goal of building a USD 1 trillion economy by 2030.
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