ABEOKUTA – A major $450 million investment in the steel sector is set to commence operations in Ogun State by mid-2026, a move expected to significantly reduce Nigeria’s reliance on steel imports and bolster the local economy.
The project, owned by Stellar Steel Company Limited—a subsidiary of the Galaxy Group and China-based RSIN Group—will specialise in the production of hot-rolled coil steel, iron steel doors, and gas cylinders.
The update was delivered during a courtesy visit by the company’s delegation to the Ogun State Governor, Prince Dapo Abiodun, in his office in Abeokuta.
The Vice Chairman of RSIN Group, Mr You Xiaotan, reported that the project is progressing on schedule. “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,” Xiaotan stated.
He confirmed the total investment value and the operational timeline, saying, “The total investment for this project is $450 million, and we will finish the project and commence operations next year.”
Mr Xiaotan further revealed that Ogun State’s rapidly growing economy is serving as a magnet for more investors from China’s Fujian Province.
In his response, Governor Dapo Abiodun welcomed the progress report, linking the investment to the state’s recent strategic partnerships. He recalled that a recent sister-state agreement with Shandong Province in China is already yielding positive results by opening doors for new collaborations.
The Governor pledged his administration’s full support to ensure a seamless experience for the investors, promising 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.
He assured the company that the state government would facilitate any necessary waivers, tariffs, or reliefs through the federal Ministry of Industry, Trade and Investment to ease their establishment process.
The establishment of Stellar Steel Company Limited is poised to further cement Ogun State’s reputation as Nigeria’s premier industrial and manufacturing hub.
