BREAKING: Chinese company announce plan to establish $300 million Steel plant in Ogun state

BREAKING: Chinese company announce plan to establish $300 million Steel plant in Ogun state

Inner Galaxy Steel Company Limited, a Chinese firm, plans to invest $300 million in establishing a new steel plant in Ogun State to produce specialized steel products.

This was disclosed by the Minister of Steel Development, Prince Shuaibu Audu, in a statement released by Salamatu Jibaniya, the ministry’s Head of Information and Public Relations Unit, on Thursday in Abuja.

Mr. Li Shuang, President of Inner Galaxy Steel Company Limited, explained that the plant would focus on producing specialized steel products, including plates, angles, beams, and stainless steel, among others.

He highlighted that the investment would boost Nigeria’s steel production capacity, reduce dependence on imported specialized steel, conserve foreign exchange, and generate employment opportunities.

According to Shuang, the project is expected to create 10,000 direct and indirect jobs, alongside other economic multiplier effects. He also noted that the company has been operating in Nigeria for over 20 years, with its existing investments in steel production surpassing $1 billion.