Inner Galaxy Steel Company Limited, a Chinese firm, has announced plans to invest approximately $300 million to establish a new steel plant in Ogun State, Nigeria. The plant will focus on producing specialized steel products.

This was disclosed by the Minister of Steel Development, Prince Audu, during a meeting in Abuja with a delegation from Inner Galaxy, led by Mr. Li, President of the Inner Galaxy Group.

Prince Audu welcomed the investment, stating that it reflects the company’s confidence in the leadership of President Bola Tinubu, who is committed to revitalizing the nation’s steel industry.

He further assured the company of the Federal Government’s support in creating an enabling business environment and providing necessary fiscal incentives to ensure the project’s success.