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NEWS

$150m aluminium, copper Ingots plant to boost Ogun state’s economy

April 9, 2025 • 2 min read

April 08, 2025

A new $150 million aluminium and copper ingots recycling plant has been established in Ogun State, Nigeria.

This marks a significant investment in Ogun and south west region.

Neveah Ltd, the company behind the project, announced this development after a meeting with Governor Dapo Abiodun in Abeokuta.

The plant is expected to employ atleast 500 people, contributing to local job creation and economic growth.

Once fully operational, it will generate over $150 million annually, significantly boosting the state’s revenue.

The plant will recycle aluminium scraps into ADC 12 and export them to car manufacturing companies in Asia, Japan, Indonesia, and other countries.

Ogun State’s strategic location and infrastructure made it an attractive choice for Neveah Ltd.

The state’s proximity to major ports like Tincan, Apapa, and Lekki facilitates transportation and exportation.

The availability of skilled labor, expatriates, and good road networks were key factors in the decision-making process.

The abundance of gas in Ogun State also makes it a cost-effective choice for powering the plant.

Governor Dapo Abiodun expressed support for the project, with the company’s CEO, Mr. Ibidapo Lawal, stating, “The governor was very happy and quite supportive. It is interesting to see a governor who is willing and ready to work with the people, promote investment, and care so much about the people.”

This collaboration is expected to drive economic growth and development in Ogun State.

Ogun State has been positioning itself as a major industrial hub in Nigeria, with a focus on attracting businesses and investments.

The state boasts one of the largest industrial zones in Sub-Saharan Africa, the 8,000-hectare OPIC-owned Agbara Industrial Estate, which includes the federal Ogun-Guangdong Free Trade Zone.

This estate is home to over 44 operational companies, with more than 6,000 Nigerian employees and an estimated 100,000 metric tons of freight moving in and out daily.

The establishment of this new recycling plant is a sign to Ogun State’s growing appeal as an investment destination, with its strategic location, infrastructure, and supportive government policies making it an attractive choice for businesses looking to expand in the region.