Governor Dapo Abiodun of Ogun State has announced a significant $400 million investment for the development of the Stellar Steel Plant in Sagamu.
The project is being spearheaded by Inner Galaxy Group, a major industrial player known for its steel production activities in Nigeria, according to the statement by the governor via its official X account on Tuesday.
Governor Abiodun stated that the upcoming Stellar Steel Plant in Sagamu will cover over 100 hectares of land.
The facility, being developed by Inner Galaxy Group, will produce hot-rolled coil steel—a critical material used across the construction, manufacturing, and automotive sectors.
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.
Abiodun revealed that he recently welcomed the leadership of Inner Galaxy Group to the Governor’s Office in Oke-Mosan, Abeokuta, for discussions on the $400 million Stellar Steel Plant project.
“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 stated.
The governor emphasized that the meeting provided an opportunity for both parties to reaffirm his administration’s commitment to maintaining a business-friendly environment—anchored on modern infrastructure, efficient transportation, reliable power supply, quality 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 noted.
Governor Abiodun expressed his continued support for initiatives like the Stellar Steel Plant, which align with President Bola Tinubu’s vision of building a $1 trillion economy by 2030.
He also reiterated his administration’s commitment to driving inclusive growth through strategic partnerships that promote sustainable development in Ogun State.
The President of Inner Galaxy Group, Mr. Li Shuang, announced that his company is set to invest $400 million in establishing a hot-rolled coil steel factory in Ogun State.
Shuang made this commitment during a courtesy visit to Governor Dapo Abiodun, where he led a delegation of the company’s principal officers.
“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 added.
