By Faridat Salifu
Nigeria’s Minister of Steel Development has performed the groundbreaking of the Stellar Steel Plant in Ogun State, a $400 million project by Inner Galaxy Group.
The steel plant, located on over 100 hectares of land, aims to significantly reduce Nigeria’s $4 billion annual steel import bill by producing hot-rolled coils locally.
This project is expected to boost Nigeria’s foreign-exchange position while diversifying the economy away from oil and gas.
The plant will create over 3,500 direct and indirect jobs, further enhancing the country’s industrial capacity.
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Audu, during the ceremony, praised Inner Galaxy Group’s commitment to supporting the steel sector’s revival under the “Renewed Hope Agenda” of President Bola Tinubu.
He emphasized the importance of such investments in strengthening the national economy, with the Nigerian government eager to encourage private sector participation in industrial growth.
The Stellar Steel Plant is slated for completion by April 2026.
The minister expressed confidence in Inner Galaxy Group’s ability to deliver on the project, citing the company’s successful track record in Nigeria, including building the largest lithium factory in Nasarawa State and a $150 million battery-recycling facility in Aba.
Audu outlined the broader vision for Nigeria’s economy, stating the goal of reaching a $1 trillion economy by 2030.
He highlighted the significance of the steel sector as the backbone of industrialization, noting that steel is crucial in sectors like infrastructure, energy, and defense.
