A new $450 million steel-producing company, Stellar Steel Company Limited, is set to commence operations in Ogun State by the middle of 2026. The investment, from Stellar Steel Company Limited, a subsidiary of the Galaxy Group and RSIN Group based in Fuzhou, Fujian Province, China, is designed to produce hot-rolled coil steel, iron steel doors, and gas cylinders, a development projected to cut Nigeria’s steel import costs significantly.
During a courtesy visit to Ogun State Governor, Prince Dapo Abiodun, the Vice Chairman of RSIN Group, Mr. You Xiaotan, confirmed that the project was progressing on schedule and would be completed next year.
“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. We have already finished all the levelling and foundation work, so everything is under schedule. The total investment for this project is $450 million, and we will finish the project and commence operations next year,” Mr. Xiaotan said.
He also revealed that more companies from Fujian Province are being encouraged to invest in Ogun State, noting the region’s rapidly expanding industrial economy and supportive government policies.
In his remarks, Governor Abiodun highlighted that Ogun State recently formalized a sister-state agreement with Shandong Province in China, a collaboration expected to attract more strategic industrial partnerships and foreign investments.
The governor pledged ongoing support to ensure investors experience seamless business operations through simplified approval processes and the prompt issuance of Certificates of Occupancy.
“When the likes of you come here, it validates that we have done all that is needed to attract investors. Your presence translates to prosperity for our people because you create jobs and increase our Gross Domestic Product,” Governor Abiodun said.
“Thank you for coming to validate that Ogun State remains the industrial capital of Nigeria. We will continue to provide the necessary support and incentives to ensure your smooth operation,” he added.
Governor Abiodun further assured Stellar Steel of his administration’s commitment to facilitating waivers, tariffs, and reliefs through the Ministry of Industry, Trade and Investment to aid the company’s establishment and production timeline.
The arrival of Stellar Steel Company Limited reinforces Ogun State’s reputation as Nigeria’s leading destination for industrial growth and manufacturing investments.