Inner Galaxy Steel Company Limited, a Chinese firm, has announced plans to invest $300 million in a new steel plant in Ogun State.
The announcement was made by Prince Shuaibu Audu, the Minister of Steel Development, in Abuja.
This investment will focus on producing specialized steel products.
These products will include plates, angles, beams, and stainless steel.
The minister emphasized that this project aligns with President Bola Tinubu’s economic diversification goals.
Audu said the investment reflects the company’s confidence in Tinubu’s leadership.
“This initiative is part of our Renewed Hope Agenda to drive industrialization,” he noted.
The minister assured Inner Galaxy Steel of the Federal Government’s commitment to creating a supportive environment.
He mentioned that the government will provide fiscal incentives to facilitate sustainable operations.
“We will review the company’s proposal and engage relevant authorities for potential benefits,” he added.
This investment is expected to attract more foreign direct investment into Nigeria.
Mr. Li Shuang, the President of Inner Galaxy Steel Company, met with Minister Audu to discuss the plans.
Shuang expressed the company’s commitment to boosting Nigeria’s steel production capacity.
He highlighted the importance of reducing dependence on imported specialized steel.
“This investment will conserve foreign exchange and create significant employment opportunities,” Shuang stated.
He projected that the project would generate 10,000 direct and indirect jobs.
These jobs will contribute to local economies and create multiplier effects.
Shuang noted that Inner Galaxy has been operating in Nigeria for over 20 years.
The company’s existing investments in the country exceed $1 billion.
Nigeria’s steel sector has faced challenges, including reliance on imports.
The country imports a large portion of its steel needs, which affects its economy.
Minister Audu believes this new investment will help address this issue.
“It is crucial for Nigeria to become self-sufficient in steel production,” he said.
With the new plant, Nigeria aims to reduce its import bill and improve local capacity.
The investment will also enhance the local manufacturing sector, which is vital for economic growth.
Audu urged other foreign investors to consider opportunities in Nigeria’s steel sector.
He highlighted the government’s commitment to improving the business environment.
“The Tinubu administration is dedicated to supporting industries that can drive economic growth,” he said.
Local communities in Ogun State are hopeful about the investment’s potential benefits.
Residents are eager for job opportunities that the new plant will bring.
“The establishment of this plant could change lives in our community,” said a local leader.
This announcement comes at a crucial time for Nigeria’s economy.
The country is seeking to diversify its revenue sources away from oil.
Investments in manufacturing, such as this steel plant, are essential for this goal.
Economic experts believe that the steel industry can play a key role in Nigeria’s industrialization.
By producing steel locally, the country can save money and create jobs.
These partnerships aim to leverage private investment for national development.
The steel industry is particularly important because it supports construction and infrastructure projects.
More jobs in steel production can lead to increased demand for services and materials.
This, in turn, will boost the overall economy.
Shuang reiterated Inner Galaxy’s commitment to Nigeria’s growth.
“Our aim is to create value not only for our company but for the entire nation,” he said.
The upcoming steel plant will be a significant step toward achieving this vision.
As Nigeria moves forward, the focus will remain on sustainable industrial development.
The government is optimistic that more investments will follow this announcement.
With the right policies and support, Nigeria can transform its steel sector.
