From Charity Nwakaudu, Abuja
Minister for Steel Development, Prince Shuaibu Abubakar Audu, has inaugurated a $400 million Stellar Steel Plant, to boost the nation’s economy in Ogun State.
Prince Audu who stated this at the commissioning ceremony ,explained that the Stellar Steel plant, which will sit on over 100 hectares of land is expected to produce hot-rolled coil, reducing Nigeria’s $4 billion annual steel import bill, strengthening the nation’s foreign-exchange position and diversify the economy from oil & gas to create over 3,500 direct and indirect jobs for Nigerians.
This was contained in a statement by the Director, Information and Public Relations, in the Ministry, Salamatu Jibaniya in Abuja.
The statement lauded the Inner Galaxy Group for their commitment to the steel industry revival efforts under the “Renewed Hope Agenda” of President Bola Tinubu while reiterating that the Federal Government is keen on encouraging private sector players as a means of growing the Nigerian economy.
“As you are aware, this is one of the most robust cabinet teams that has been put together by any President since the advent of the democratic dispensation in the Fourth Republic in 1999 because President Tinubu is renowned for selecting the best hands and leaders to actualise his vision,” Prince Audu stresses.
According to the statement, the Minister also expresses confidence in the capacity of the Inner Galaxy Group to deliver on its plans for the completion of the Stellar Steel Plant by next April, 2026.
The Minister lauded the company’s track record in Nigeria, which includes building the largest lithium factory in Nasarawa State and a $150 million battery-recycling facility in Aba, Abia State.
“I have personally come to support the Inner Galaxy Group and the Stellar Steel Team for this 400 million dollar investment in the steel sector. It is an impressive project and I have come to perform the groundbreaking ceremony, as I look forward to coming for the commissioning once it is ready in April 2026, by God’s grace.
“Under President Bola Ahmed Tinubu’s Renewed Hope Agenda, we are determined to build a $1 trillion economy by 2030. Steel is the backbone of industrialisation; from roads and power stations to defence hardware — they all need steel, and this particular project exemplifies the public–private partnership required to compete in Africa and globally” the Minister emphasised.
“We want to grow the Nigerian economy to one of the biggest economies in the world by 2030. China has done that excellently well over the last 30 years and is also renowned for speed of execution. We as leaders in Nigeria want to follow in those footsteps so that we can make our economy not just the biggest in Africa but one of the biggest in the world,” Prince Audu stated.
According to the statement, the Vice President of the Inner Galaxy Group, Mr Jackie Shan, who interpreted on behalf of its Chairman, Mr Li Chuang, laud the Steel Ministry, for striving to revitalize the steel sector in the country.
It noted that the Minister visited the Proforce Defence Solutions in Ode Remo and Epail Nigeria Plant in Mowe, both in Ogun State to push for local production of military hardware and the proposed development of a military industrial complex within the Ajaokuta Steel Complex.
The statement said the Managing Director of Proforce, Mr Ayo Ogundeyin, commended the Minister for his dedication to resuscitate the steel sector and affirmed that with support from the ministry, Nigeria would become Africa’s top defence manufacturing hub.
At Epail Nigeria, the Minister applauds the company’s use of advanced technology in defence production and reaffirmed the government’s readiness to collaborate in supporting its operations.
The statement quoted Chairman of Epail Nigeria Plant, Dr. Kola Balogun as calling for stronger collaboration with the Ministry, highlighting the essential role of steel in defence production.