Inner Galaxy Steel Company Limited, a Chinese company, has pledged to invest approximately $300 million in establishing a new steel plant in Ogun State.
The investment will focus on the production of specialized steel products, contributing to Nigeria's industrial growth. The announcement was made by Minister of Steel Development, Prince Audu, during a meeting with the company's delegation in Abuja.
The initiative aligns with the government's efforts to boost local manufacturing and economic development through strategic foreign investments.
Prince Audu noted that this is a step in the right direction as the country moves towards diversifying its economy under the Renewed Hope Agenda of the present administration.
Prince Audu described the move as a welcomed development, stating it shows the Group’s confidence in the leadership of President Bola Ahmed Tinubu to turn the fortune of the nation around through the Steel Sector.
The Minister assured the delegation of the federal government’s support in creating an enabling environment and providing other fiscal incentives for their sustainable operation in Nigeria.
He added that the Ministry will review the proposal of the company as well as involve relevant government authorities for concessionary benefits within the current operational framework so as to facilitate the proposed foreign direct investment.