A Chinese company, Inner Galaxy Steel Company Limited, is planning to invest $300 million to build a new steel plant in Ogun State. The new plant will focus on making specialized steel products.

This information was shared by Prince Shuaibu Audu, the Minister of Steel Development, through a statement from Salamatu Jibaniya, the Head of Information and Public Relations at the ministry, in Abuja on Thursday.

Audu mentioned that this investment supports President Bola Tinubu’s plans to grow Nigeria’s economy, as outlined in the Renewed Hope Agenda. It also shows the company’s trust in Tinubu’s leadership, especially in promoting industrial growth and expanding the country’s steel sector.

The minister promised the company that the Federal Government would provide support, including a favorable environment and financial incentives, to help the company operate successfully.

He further explained that the ministry would carefully review the company’s proposal and work with the necessary authorities to see if any special benefits could be granted under the current rules. This is aimed at encouraging foreign investment in Nigeria.

Mr. Li Shuang, the President of Inner Galaxy Steel Company Limited, met with the minister to ask for support for their $300 million investment in building the new steel plant.

Shuang shared that the plant will produce specialized steel products like plates, angles, beams, and stainless steel. He emphasized that the investment will increase steel production in Nigeria, reduce the need to import these products, save foreign currency, and create job opportunities.

Shuang also mentioned that the project will create 10,000 direct and indirect jobs, along with other positive economic effects. He added that the company has been operating in Nigeria for over 20 years and has already invested more than $1 billion in the steel industry.