$450m Steel Company to commence operations in Ogun by 2026
A $450 million steel-producing company, Stellar Steel Company Limited, is set to begin operations in Ogun State by the middle of 2026.
The investment, from Stellar Steel Company Limited, a subsidiary of the Galaxy Group and RSIN Group, headquartered in Fuzhou, Fujian Province, China, is expected to produce hot-rolled coil steel, iron steel doors and gas cylinders, a move projected to significantly reduce Nigeria’s steel import bill.
Speaking during a courtesy visit to the Ogun State Governor, Dapo Abiodun, the Vice Chairman of RSIN Group, Mr. You Xiaotan, said the project was progressing according to schedule and would be completed next year.
“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.
“The total investment for this project is $450 million, and we will finish the project and commence operations next year,” he said. Mr. Xiaotan further disclosed that more companies from Fujian Province are being encouraged to invest in Ogun State due to the state’s rapidly growing economy.
In his remarks, Governor Abiodun recalled that the state recently cemented a sister-state agreement with Shandong Province, which has opened doors for new partnerships and investments.
He pledged continued government support to ensure that investors enjoy a seamless experience through 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,” Governor Abiodun said.
“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.
Governor Abiodun assured the company of his administration’s willingness to facilitate any waivers, tariffs, or reliefs through the Ministry of Industry, Trade and Investment to ease the setup process. The establishment of Stellar Steel Company Limited further strengthens Ogun State’s position as Nigeria’s leading destination for industrial and manufacturing investments.