Inner Galaxy Steel Company Limited, a Chinese firm, has announced plans to invest $300 million in establishing a new steel plant in Ogun State, aimed at producing specialized steel products. This investment was revealed by the Minister of Steel Development, Prince Shuaibu Audu, in a statement released on Thursday in Abuja.
Minister Audu emphasized that this investment aligns with President Bola Tinubu’s economic diversification policy under the Renewed Hope Agenda, showcasing the company's confidence in Tinubu’s leadership to advance industrialization and enhance the nation’s economic prospects through the steel sector.
The minister assured Inner Galaxy of the Federal Government’s dedication to creating an enabling environment and offering fiscal incentives to support sustainable operations. He indicated that the ministry would review the company’s proposal and collaborate with relevant authorities to explore concessionary benefits within the existing operational framework, highlighting the initiative's goal to attract and facilitate foreign direct investment.
Mr. Li Shuang, President of Inner Galaxy Steel Company Limited, previously met with Minister Audu to seek support for the $300 million investment. Shuang explained that the new plant would focus on producing specialized steel products, including plates, angles, beams, and stainless steel. This investment is expected to enhance Nigeria’s steel production capacity, reduce reliance on imported steel, conserve foreign exchange, and create significant employment opportunities.
According to Shuang, the project is anticipated to generate around 10,000 direct and indirect jobs, alongside various economic multiplier effects. He also pointed out that Inner Galaxy has been operating in Nigeria for over 20 years, with existing investments in steel production exceeding $1 billion.