By Victoria Onehi
The Minister of Steel Development, Prince Shuaibu Abubakar Audu has said the Inner Galaxy Group’s Stellar Steel Plant, a $400 million investment in Ogun State will reduce Nigeria’s steel importation when completed.
Audu stated this on Wednesday, April 23, 2025, while performing the official groundbreaking ceremony of the steel plant in Ogun State.
The Stellar Steel plant, which will be established on over 100 hectares of land once completed, is expected to produce hot-rolled coil, reducing Nigeria’s $4 billion annual steel import bill and strengthening the nation’s foreign-exchange position.
Performing the groundbreaking ceremony, Audu lauded the Inner Galaxy Group for their commitment to the steel industry revival efforts under the “Renewed Hope Agenda” of President Bola Ahmed Tinubu GCFR. He reiterated that the Federal Government is keen on encouraging private sector players as a means of growing the Nigerian economy.
The Minister expressed confidence in the capacity of the Inner Galaxy Group to deliver on its plans for the completion of the Stellar Steel Plant, as he expects to commission the completed plant by next April, 2026.
In a statement issued on Thursday by the Principal Information Officer of the Ministry, Ijomah Opia, the Minister lauded the company’s track record in Nigeria, which includes building the largest lithium factory in Nasarawa State and a $150 million battery-recycling facility in Aba, Abia State.
“I have personally come to support the Inner Galaxy Group and the Stellar Steel Team for this 400-million-dollar investment in the steel sector. It is a very impressive project, and I have come to perform the groundbreaking ceremony, as I look forward to coming for the commissioning once it is ready in April 2026, by God’s grace.
“Under President Bola Ahmed Tinubu’s Renewed Hope Agenda, we are determined to build a $1 trillion economy by 2030. Steel is the backbone of industrialisation; from roads and power stations to defence hardware — they all need steel, and this particular project exemplifies the public–private partnership required to compete in Africa and globally.
“We want to grow the Nigerian economy to one of the biggest economies in the world by 2030. China has done that excellently well over the last 30 years and is also renowned for speed of execution. We as leaders in Nigeria want to follow in those footsteps so that we can make our economy not just the biggest in Africa but one of the biggest in the world,” Prince Audu said.
Vice President of the Inner Galaxy Group, Mr Jackie Shan, who interpreted on behalf of its Chairman, Mr Li Chuang, who was also present, thanked the Ministry of Steel Development, under the leadership of the Minister for striving for the revitalisation of the steel sector in the country.
Also in his lineup of events, the Minister paid working visits to Proforce Defence Solutions in Ode Remo and Epail Nigeria Plant in Mowe, both in Ogun State. The visits are aligned with the federal government’s push for local production of military hardware and the proposed development of a military industrial complex within the Ajaokuta Steel Complex.
Speaking at Proforce Nigeria Limited, the Minister said that Mr President has also repeatedly stated the importance of having a military industrial complex to help improve the security situation in the country, noting that having a military industrial complex in Ajaokuta with local capacity to produce military hardware is extremely critical.
Managing Director of Proforce,Mr Ayo Ogundeyin,commended the Minister for his dedication to reviving the steel sector and affirmed that with support from the ministry, Nigeria could become Africa’s top defence manufacturing hub.
At Epail Nigeria, the Minister applauded the company’s use of advanced technology in defence production and reaffirmed the government’s readiness to collaborate in support of its operations.
Chairman of Epail Nigeria,Dr. Kola Balogun,also called for stronger collaboration with the Ministry, highlighting the essential role of steel in defence production. He advocated for a licensing framework to support and regulate private military equipment manufacturers in the country.
