Stellar Steel Company Limited, a $450 million worth in assets steel-producing company, has hinted of its plans to begin operations in Ogun State by the middle of 2026
The investment by the company, which is a subsidiary of the Galaxy Group and RSIN Group in 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, Prince Dapo Abiodun, the Vice Chairman of RSIN Group, Mr. You Xiaotan, said the project was being executed as scheduled and would be completed next year.
He explained: “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.
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“The total investment for this project is $450 million, and we will finish the project and commence operations next year”, he assured.
The industrialist 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.
The governor said: “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.
“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.
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.
Development analysts believe that the establishment of Stellar Steel Company Limited has further strengthened Ogun State’s position as Nigeria’s leading destination for industrial and manufacturing investments.
Photo Caption
L-R: Vice President, Inner Galaxy Group, Mr Jackie Chan; Vice Chairman, RSIN Group, Mr You Xiaotan; Ogun State Governor, Prince Dapo Abiodun; Managing Director, Stellar Steel Company Limited, Mr Zhang and the President, Inner Galaxy Group, Mr Li Chuang, during a visit to the Governor’s Office on Wednesday at Oke-Mosan, Abeokuta
