The wave of investments into Ogun State continues to rise, with the establishment of a new recycling plant dedicated to the production of aluminium and copper ingots.
This was disclosed on Monday by the Managing Director and Chief Executive Officer of Neveah Ltd, Mr. Ibidapo Lawal, following a meeting with Governor Dapo Abiodun at the Governor’s Office in Oke-Mosan, Abeokuta.
Lawal revealed that the multimillion-dollar facility, located in Mowe, is expected to generate over $150 million in annual revenue once it becomes fully operational. The plant is also projected to create employment for over 500 people.
According to him, the plant will recycle aluminium scraps from car engines, cans, and other metals into ADC 12 ingots, which will be exported to car manufacturing companies across Asia, including countries like Japan and Indonesia.
“The plant will employ more than 500 people, creating jobs locally and contributing significantly to the economic growth of Ogun State and Nigeria at large,” Lawal said. “It will account for approximately 2.53% of Nigeria’s total non-oil exports.”
He explained that although the project was initially intended for a northern state, Ogun was eventually chosen due to its strategic proximity to major seaports such as Tin Can, Apapa, and Lekki.
“Ogun State offers a compelling value proposition for investors. Beyond its location advantage, the state’s closeness to Lagos ensures steady capital appreciation. Property values are rising, and the return on investment is promising,” he added.
Lawal also pointed to other key factors that influenced their decision, including the availability of skilled labour, access to expatriates, a strong road network, and the presence of natural gas.
“Gas availability was a major factor. In other states, we would likely have to rely on diesel to power the plant. Here in Ogun, gas is readily accessible, making operations more cost-effective,” he noted.
Speaking on his meeting with Governor Abiodun, Lawal said he was at the governor’s office to update him on the project’s progress and to seek his continued support.
“The governor was very receptive and supportive. It’s encouraging to see a leader who is actively promoting investment and genuinely cares about the people. Our discussion was very productive,” he concluded.
