Ogun State has officially announced the launch of a private aluminium and copper recycling plant by Neveah Ltd, located in Mowe. Once fully operational, the facility is projected to generate an impressive $150 million in annual revenue.
The plant will specialise in recycling aluminium scrap from car engines, cans, and other metal sources into high-quality ADC 12, which will then be exported to car manufacturing companies across Asia, including Japan and Indonesia. This development was revealed in a statement shared on the official X (formerly Twitter) account of the Ogun State Government on Tuesday, following a meeting between Governor Dapo Abiodun and Neveah Ltd’s CEO, Mr Ibidapo Lawal.
“The current influx of investors to Ogun State has yet to abate, as another recycling plant for the production of aluminium and copper ingots has been established in the state,” the statement said.
Mr Lawal explained that the plant’s location in Mowe was carefully selected based on several key factors, such as its proximity to major ports, including Tincan, Apapa, and Lekki. He also highlighted Ogun State’s access to affordable gas, skilled labour, and a well-developed road network, all of which made it the ideal site for the project. Initially planned for northern Nigeria, the project was relocated to Ogun due to these strategic advantages. Lawal expressed his belief that the plant would play a pivotal role in driving the industrial growth of both Ogun State and Nigeria as a whole.
Governor Dapo Abiodun expressed full support for the project, reinforcing his administration’s commitment to attracting investment and boosting economic development in the state. He emphasised that supporting initiatives like the Neveah Ltd plant would be key to Ogun’s continued industrial expansion. Once operational, the plant is expected to provide employment for over 500 people, further cementing Ogun’s reputation as a major industrial hub in Nigeria.
Ogun State has recently attracted a number of significant investments aimed at bolstering its industrial capabilities. These include the Dangote Group’s announcement in March 2024 to develop Nigeria’s largest port in the Olokola Free Trade Zone, and a strategic partnership with Brazilian energy company Ambar Energia to establish power plants aimed at enhancing industrial growth and food security. In addition, Inner Galaxy Steel Company pledged to invest $300 million in a new steel plant in Ogun in October 2024, though there have been no updates on the progress of this project.