A $450 million steel-producing plant, Stellar Steel Company Limited, is set to commence operations in Ogun State by mid-2026. The investment, spearheaded by Stellar Steel Company Limited — a subsidiary of the Galaxy Group and RSIN Group based in Fuzhou, Fujian Province, China — is expected to produce hot-rolled coil steel, iron steel doors, and gas cylinders. The development is projected to significantly reduce Nigeria’s dependence on imported steel.
During a courtesy visit to the Ogun State Governor, Dapo Abiodun, the Vice Chairman of RSIN Group, You Xiaotan, said the project was progressing smoothly and on schedule. “Stellar Steel 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 on schedule. The total investment for this project is $450 million, and we will finish the project and commence operations next year,” he said.
Xiaotan added that more companies from Fujian Province were being encouraged to invest in Ogun State due to its rapidly expanding industrial landscape.Governor Abiodun, in his remarks, noted that Ogun State had recently signed a sister-state agreement with Shandong Province in China, paving the way for greater partnerships and investments. He assured the visiting delegation of continued government support, including streamlined approval processes and efficient issuance of Certificates of Occupancy.
“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 said. He reaffirmed that Ogun State remains Nigeria’s industrial hub and pledged to provide the necessary incentives to ensure a smooth business environment. Abiodun also stated that his administration would work with the Federal Ministry of Industry, Trade and Investment to facilitate waivers and tariff reliefs where applicable.
The establishment of Stellar Steel Company Limited further reinforces Ogun State’s status as a leading destination for manufacturing and industrial investments in Nigeria. Meanwhile, the Federal Government has announced plans to reconnect the Aluminium Smelting Company of Nigeria (ALSCON) in Ikot Abasi, Akwa Ibom State, to the national grid. The move is expected to unlock 540 megawatts of power once the facility becomes fully operational.
Minister of Power, Adebayo Adelabu, disclosed this during a working visit to the plant on Monday. He described ALSCON as a strategic national asset whose potential had been largely untapped for decades due to poor electricity supply.
Adelabu said discussions with the Transmission Company of Nigeria (TCN) and the Niger Delta Power Holding Company (NDPHC) had yielded short- and medium-term solutions for restoring power to the smelter. “We have made very good progress. The short-term solution to reconnect this plant to the grid has been determined, and we have also agreed on the medium-term plan,” he said. “But the most important outcome is that this company can contribute 540 MW of power to the national grid once fully operational.”
Source: https://guardian.ng/