China to invest in Ogun steel plant, boosting Nigeria’s industrialization

Chinese firm plans to invest $300 million in establishing a new steel plant in Ogun State, focusing on the production of specialized steel products.

This significant investment aligns with the economic diversification goals of President Bola Tinubu’s administration under the Renewed Hope Agenda, according to the Minister of Steel Development, Prince Shuaibu Audu.

Audu emphasized that the move demonstrates the company’s confidence in Tinubu’s leadership to promote industrialization and enhance Nigeria’s steel sector. He assured the firm of the government’s support through an enabling environment and fiscal incentives.

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During a recent visit to Audu’s office, the company’s President, Li Shuang, revealed that the new plant would manufacture specialized steel products such as plates, beams, and stainless products. The project is expected to reduce Nigeria’s dependency on imported steel, conserve foreign exchange, and generate 10,000 direct and indirect jobs.

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.