From Laide Raheem, Abeokuta
Inner Galaxy Group, a Chinese multinational, is set to establish a $400 million hot-rolled coiled steel factory in Ewekoro, Ogun State, with operations slated to commence in April 2026.
The announcement was made by the group’s president, Li Shuang, during a meeting with Governor Dapo Abiodun at the Governor’s Office in Oke-Mosan, Abeokuta, on Tuesday. The facility is expected to create approximately 6,500 direct and indirect jobs.
Li Shuang noted that Inner Galaxy, which entered Nigeria’s market in 2005 producing iron rods, has significant investments across Asia, the Philippines, Malaysia, Ghana, and Angola. The Stellar Steel Plant, spanning over 100 hectares, will produce hot-rolled coils, reducing Nigeria’s $4 billion annual steel import bill and supporting economic diversification under President Bola Tinubu’s Renewed Hope Agenda.
Governor Abiodun welcomed the investment, crediting his administration’s efforts to position Ogun as Nigeria’s leading industrial hub. “This $400 million investment aligns with the president’s vision to grow this economy to a trillion dollars, and you will be contributing your quota,” he said.
Abiodun spotlighted Ogun’s resources, including high-quality lithium, alluvial gold, and limestone, noting the state’s top ranking in cement production in Sub-Saharan Africa and non-oil revenue in Nigeria. He also emphasised the state’s infrastructure, including roads, rail, air, affordable housing, medical facilities, and schools, designed to support such investments.
The project follows the groundbreaking ceremony led by Minister of Steel Development Prince Shuaibu Audu on April 24, 2025, who expressed confidence in Inner Galaxy’s track record, citing their lithium factory in Nasarawa and a $150 million battery-recycling plant in Aba. Audu anticipates commissioning the plant in April 2026, projecting over 3,500 jobs and a boost to Nigeria’s foreign exchange earnings.