Ogun State Governor, Prince Dapo Abiodun, has secured a $450 million investment for the establishment of Stellar Steel Company Limited, a major steel-producing firm that will commence operations in the state by the middle of 2026.
The investment is being undertaken by Stellar Steel Company Limited, a subsidiary of Galaxy Group and RSIN Group, headquartered in Fuzhou, Fujian Province, China.
The new plant is expected to produce hot-rolled coil steel, iron steel doors, and gas cylinders a development projected to significantly cut Nigeria’s steel import costs and strengthen the local manufacturing base.
Speaking during a courtesy visit to the governor in Abeokuta, the Vice Chairman of RSIN Group, Mr. You Xiaotan, disclosed that the project was on track and nearing completion.
“Stellar Company Limited is the biggest investment for our whole group in Nigeria. We are here to give an update to His Excellency that our project is going very smoothly. We have already finished all the levelling and foundation work, so everything is under schedule,” Xiaotan said.
He added that the $450 million project would be completed and begin operations next year, noting that the company’s progress had attracted interest from other Chinese firms considering investments in Ogun State.
In his response, Governor Abiodun described the project as another validation of Ogun’s growing status as Nigeria’s industrial hub, reaffirming his administration’s commitment to creating a business-friendly environment for investors.
“When the likes of you come here, it validates that we have done all that is needed to attract investors. Your presence translates to prosperity for our people because you create jobs and increase our Gross Domestic Product,” the governor stated.
Abiodun also assured the company of government support through streamlined approval processes, efficient issuance of Certificates of Occupancy, and facilitation of waivers or tariffs through the Ministry of Industry, Trade and Investment.
“Thank you for coming to validate that Ogun State remains the industrial capital of Nigeria. We will continue to provide the necessary support and incentives to ensure your smooth operation,” he added.
