KEY POINTS
- FG intends to establish a $400M plant which will reduce the $4B steel import costs.
- The Stellar Steel facility implementation at Ogun will generate more than 3500 direct positions.
- Government plans military-industrial complex at Ajaokuta Steel.
The Federal Government initiated groundbreaking steel plant at an Ogun State steel facility with $400 million funding to minimize Nigeria’s yearly $4 billion steel import expense.
Producers Inner Galaxy Group plan to establish the Stellar Steel Plant which will become important for strengthening the nation’s manufacturing capabilities.
Steel plant to help restart the steel industry
Minister of Steel Development Shuaibu Audu performed the groundbreaking while highlighting that this project aligns with the administration’s multifold objective to advance local steel manufacturing and economic variety while creating new positions.
The groundbreaking steel plant marks a fundamental achievement which will help Nigeria restart its steel industry according to Audu. The steel plant seeks to reduce steel imports while protecting national currency value and establish Nigeria as both a regional and global steel force.
Stellar Steel Plant spans across 100 hectares where they will operate facilities to make hot-rolled coil which serves construction needs of manufacturing sectors and the automotive field. The production facility will create 3,500 direct and indirect positions when it finishes in April 2026.
Steel key to Nigeria’s industrial growth strategy
Current government strategy aligns with President Bola Tinubu’s Renewed Hope Agenda to reach a $1 trillion economy by 2030 while Audu supports the plan.
The vice president admired Inner Galaxy Group’s previous accomplishments which highlight Nigeria’s largest lithium factory in Nasarawa apart from the $150 million battery-recycling facility in Aba.
According to him steel serves as the vital foundation for industrial growth because it supports road construction and power-generation projects as well as national defense applications.
The development of this project demonstrates the model through which Nigeria should partner with private entities to succeed at a global level.
The Vice President of Inner Galaxy Group Jackie Shan showed appreciation to the Ministry of Steel Development through the support of Chairman Li Chuang during his interpretation.
Government eyes defence industry growth alongside steel
The industrial goals of the Federal Government guided Audu during his site visit to Proforce Defence Solutions in Ode Remo and Epail Nigeria in Mowe, Ogun State. The ministry intends to create a military-industrial complex which will be located at the Ajaokuta Steel Complex.
Audu of Proforce heard from the government to establish local capabilities in manufacturing war equipment at Proforce headquarters. According to Proforce MD Ayo Ogundeyin the country could establish itself as the foremost defense equipment manufacturer in Africa given proper backing.
The executive director of Epail Nigeria praised the company’s superior technological features during his meeting with Audu. The chief executive of Epail Nigeria urged regulators to establish licensing regulations which will assist private military equipment producers to grow successfully.
