Stellar Steel Company Limited, a subsidiary of China’s Galaxy Group and RSIN Group, will establish a $450 million steel plant in Ogun State, producing hot-rolled coil steel, iron steel doors, and gas cylinders.
The facility, scheduled to commence operations by mid-2026, is expected to significantly reduce Nigeria’s reliance on imported steel.
During a courtesy visit to Ogun State Governor, Prince Dapo Abiodun, Vice Chairman of RSIN Group, Mr. You Xiaotan, confirmed that the project is advancing smoothly.
“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,” Xiaotan said.
“We have already finished all the levelling and foundation work, so everything is on schedule. The total investment for this project is $450 million, and we will finish the project and commence operations next year,” they said
Xiaotan also noted that more companies from Fujian Province were being encouraged to invest in Ogun State due to its rapidly growing economy.
Governor Abiodun recalled the state’s recent sister-state agreement with Shandong Province, which has opened doors for partnerships and new investments. He pledged ongoing government support to ensure investors experienced seamless processes, including streamlined approvals and efficient issuance of Certificates of Occupancy.
“We are delighted to welcome the Stellar Steel Company Limited, a $450 million investment by Galaxy Group and RSIN Group from Fuzhou, Fujian Province, China, to Ogun State.
“This major industrial project…will produce hot-rolled coil steel, iron steel doors, and gas cylinders, thereby contributing significantly to reducing Nigeria’s steel import bill,” he said
Abiodun assured Stellar Steel 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.
“We reaffirm our support for Stellar Steel Company and other investors through efficient approval processes, issuance of Certificates of Occupancy, and facilitation of necessary waivers and incentives. Every new investment validates our resolve to keep Ogun State as Nigeria’s industrial capital, creating jobs, boosting productivity, and driving shared prosperity for our people,” he said.
Ogun State has continued to attract major foreign investments. Late last year, the state secured a $500 million power infrastructure investment from Japan through the Japan International Cooperation Agency (JICA) to improve power supply along the Lagos-Ogun industrial corridor.