Ogun State has announced the launch of a private aluminium and copper recycling plant by Neveah Ltd in Mowe, which is projected to generate $150 million in annual revenue once fully operational.
The plant will focus on recycling aluminium scraps from car engines, cans, and other metals into high-quality ADC 12, which will then be exported to car manufacturing companies across Asia, including Japan and Indonesia.
This announcement was made in a statement shared on the official X (formerly Twitter) account of the Ogun State Government on Tuesday, following a meeting between Governor Dapo Abiodun and Mr. Ibidapo Lawal, the CEO of Neveah Ltd.
“The current influx of investors to Ogun State has yet to abate, as another recycling plant for the production of aluminium and copper ingots has been established in the state.
The Managing Director and Chief Executive Officer of Neveah Ltd, Mr. Ibidapo Lawal, stated this on Monday after a meeting with Governor Dapo Abiodun in his office at Oke-Mosan, Abeokuta. Lawal noted that the multimillion-dollar recycling plant, when fully operational and at full capacity, would generate over $150 million annually and employ more than 500 people,” the statement read in part.
Lawal explained that the plant’s location in Mowe was selected after considering several key factors, including its proximity to major ports like Tincan, Apapa, and Lekki. He also emphasized that Ogun State’s access to affordable gas, skilled labour, and a well-developed road network made it the ideal choice for the project.
Once operational, the plant is expected to employ over 500 people, further enhancing Ogun’s reputation as a key industrial hub in Nigeria.
In recent months, Ogun State has secured several key pledges, commitments, and investments aimed at driving industrial growth.
Additionally, in October 2024, Inner Galaxy Steel Company committed to investing $300 million in a new steel plant in Ogun, though there have been no updates on its implementation.