The Chinese-backed Stellar Steel Company Limited is on track to start its $450 million steel production operations in Ogun State by mid-2026.
The company, a joint venture between the Galaxy Group and RSIN Group, aims to manufacture hot-rolled coil steel, iron steel doors, and gas cylinders, a move expected to significantly cut down on Nigeria’s steel import costs.
During a recent meeting with Ogun State Governor Prince Dapo Abiodun, RSIN Group Vice Chairman, Mr. You Xiaotan, confirmed the project is progressing smoothly and is nearing completion. Mr. Xiaotan noted that this investment represents the largest by the group in Nigeria, with site leveling and foundation work already finished. He also mentioned that the company is encouraging other businesses from China’s Fujian Province to invest in Ogun State, citing the region’s strong economic growth.
In his response, Governor Abiodun highlighted the state’s efforts to attract foreign capital, including a recent sister-state agreement with Shandong Province. He praised Stellar Steel’s investment as a validation of the state’s pro-business policies, which bring jobs and economic growth (GDP increase) to the local population. The Governor promised to continue supporting investors by ensuring a smooth experience with streamlined approvals, Certificates of Occupancy, and assistance with necessary waivers, tariffs, or reliefs.
The establishment of Stellar Steel further solidifies Ogun State’s role as Nigeria’s top industrial and manufacturing hub.
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