Nigeria’s Steel Industry to Benefit from $400 Million Ogun State Investment

• The Chinese multinational Inner Galaxy Group has announced plans to physique a $400 cardinal hot-rolled coiled alloy mill successful Ogun State, with operations expected to statesman successful April 2026.
• The installation is anticipated to make astir 6,500 nonstop and indirect jobs, contributing to Nigeria's economical diversification and reducing its $4 cardinal yearly alloy import.
• Governor Dapo Abiodun and different officials praised the investment, highlighting Ogun's resources and infrastructure that enactment concern improvement successful the state.

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The Chinese multinational Inner Galaxy Group has announced plans to found a $400 cardinal hot-rolled coiled alloy mill successful Ewekoro, Ogun State. Operations are expected to commencement successful April 2026.

The caller alloy institution is espected to make implicit 3,500 jobs and expanding Nigeria's overseas speech earnings. Photo Credit: Monty Rakusen
Source: Getty Images

At a gathering with Governor Dapo Abiodun astatine the Governor's Office successful Oke-Mosan, Abeokuta, connected Tuesday, the group's president, Li Shuang, made the announcement. It is anticipated that the installation volition make astir 6,500 nonstop and indirect jobs.

According to Li Shuang, Inner Galaxy, which started manufacturing robust rods successful Nigeria successful 2005, has made ample investments successful Asia, the Philippines, Malaysia, Ghana, and Angola.

Under President Bola Tinubu's Renewed Hope Agenda, the much than 100-hectare Stellar Steel Plant volition nutrient hot-rolled coils, lowering Nigeria's $4 cardinal yearly alloy import outgo and promoting economical diversification.

Governor Abiodun praised his administration's efforts to found Ogun arsenic Nigeria's premier concern centre and welcomed the investment.

“This $400 cardinal concern aligns with the president’s imaginativeness to turn this system to a trillion dollars, and you volition beryllium contributing your quota,” helium said.

Abiodun highlighted Ogun's resources, which see limestone, alluvial gold, and high-quality lithium. He besides mentioned that the authorities leads Sub-Saharan Africa successful cement production and non-oil earnings.

He besides emphasized the state's infrastructure, which includes schools, hospitals, trains, airplanes, affordable housing, and roads—all of which are built to enactment these kinds of expenditures.

Prince Shuaibu Audu, Minister of Steel Development, presided implicit the groundbreaking lawsuit connected April 24, 2025, and praised Inner Galaxy's performance, pointing to their $150 cardinal artillery recycling installation successful Aba and their lithium mill successful Nasarawa.

Audu projects that the installation volition beryllium enactment into work successful April 2026, creating implicit 3,500 jobs and expanding Nigeria's overseas speech earnings.

It is anticipated that the installation volition make astir 6,500 nonstop and indirect jobs. Photo Credit: Monty Rakusen
Source: Getty Images

Tinubu appoints caller MD for Ajaokuta alloy institution

Legit.ng reported that President Bola Ahmed Tinubu appointed Nasir Naeem Abdulsalam arsenic the Managing Director of Ajaokuta Steel Company.

The assignment is successful accordance with the provisions of the Certain Political and Judicial Office Holders (Salaries and Allowances, etc) Act 2008 arsenic amended.

The Director, Information & Public Relations to the Secretary to the Government of the Federation, Segun Imohiosen, said Nasir’s assignment takes effect from 3rd April 2025.

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Source: Legit.ng