Ogun Secures $400m Steel Plant Investment from Inner Galaxy Group
Samuel Mobolaji
Ogun State Governor, Adedapo Abiodun, has announced a $400 million investment by Inner Galaxy Group for the development of a major steel manufacturing plant in Sagamu, marking a significant boost to the state’s industrial growth.
Governor Abiodun disclosed the development on Tuesday via his official X page, revealing that the new Stellar Steel Plant will occupy over 100 hectares and produce hot-rolled coil steel, a key input in construction, manufacturing, and automotive industries. The project is expected to be completed by April 2026.
The governor said the investment will help reduce Nigeria’s annual $4 billion steel import bill, improve foreign exchange reserves, and enhance local manufacturing capacity. In addition, the facility is projected to create more than 3,500 direct and indirect jobs, contributing to the state’s economic diversification goals under the Renewed Hope Agenda.
Abiodun noted that he recently hosted Inner Galaxy Group’s leadership at his office in Abeokuta, where they shared their long-term vision for Nigeria. The delegation was led by the Group’s Chairman, Mr. Li Chuang, and Vice President, Mr. Jackie Shan.
The governor reaffirmed his administration’s commitment to maintaining a business-friendly environment through infrastructure upgrades, efficient transport systems, reliable electricity, and improved access to healthcare and education. He stated that the steel plant further solidifies Ogun’s reputation as Nigeria’s leading industrial hub and aligns with broader strategies to grow internally generated revenue and achieve sustainable economic development.
Abiodun also expressed support for private sector initiatives that align with President Bola Tinubu’s vision of building a $1 trillion economy by 2030, adding that Ogun remains open to strategic partnerships that drive inclusive growth.
Meanwhile, Inner Galaxy Group President, Mr. Li Shuang, during a courtesy visit to the governor, confirmed the company’s readiness to commit $400 million to the steel plant, which would be located in Ewekoro Local Government Area. He said the project will employ approximately 6,500 workers across both direct and indirect roles.
Shuang described Inner Galaxy Group as a multinational with existing operations in Asia and Africa, including Ghana and Angola.
He said the company entered Nigeria in 2005, focusing initially on iron rod production for the construction industry, and is now ready to expand its footprint in the country with this latest investment.
About The Author
