
A Chinese firm with over two decades of experience in the country, has announced plans to invest $300 million in establishing a new steel plant in Ogun State.
This initiative is poised to enhance Nigeria’s steel production capacity, reduce reliance on imported specialized steel, conserve foreign exchange, and create substantial employment opportunities.
The investment aligns with President Bola Tinubu’s economic diversification policy under the Renewed Hope Agenda. As disclosed by the Minister of Steel Development, Prince Shuaibu Audu, this project reflects the company's confidence in Tinubu's leadership to drive industrialization and boost the nation’s prospects through the steel sector.
The Federal Government has pledged to provide an enabling environment and fiscal incentives to support sustainable operations.
Mr. Li Shuang, President of Inner Galaxy Steel Company Limited, emphasized that the plant would focus on producing specialized steel products, including plates, angles, beams, and stainless steel.
The project is expected to generate 10,000 direct and indirect jobs, alongside other economic multiplier effects.
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