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Chinese Company Plans $300 Million Steel Plant in Ogun State
Chinese Steel Plant In Ogun: A Chinese company, Inner Galaxy Steel Company Limited, is set to invest about $300 million to establish a new steel plant for the production of specialized steel products in Ogun State.
Minister Approves Chinese Steel Plant In Ogun
The Minister of Steel Development, Prince Audu, disclosed this in Abuja while meeting with a delegation from Inner Galaxy, led by Mr. Li, President of the Inner Galaxy Group, in his office.
He described the move as a welcome development, stating it shows the group’s confidence in the leadership of President Bola Tinubu to turn the fortunes of the nation around through the steel sector.
The minister assured them of the Federal Government’s support in creating an enabling environment and providing other fiscal incentives for their sustainable operation in Nigeria.
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Chinese Steel Plant To Boost Nigeria’s Steel Production Capacity
Mr. Li Shuang, President of Inner Galaxy Steel Company Limited, had earlier met with the Minister of Steel Development, Prince Shuaibu Audu, to seek the ministry’s support for a $300 million investment to establish a new steel plant in Nigeria.
Shuang 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.
With over two decades of operations in Nigeria, Inner Galaxy’s total investments in steel production now exceed $1 billion, showcasing their long-term commitment to the country’s industrial growth.
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