A $400 million hot rolled coiled steel factory is set to take off in Ewekoro Local Government Area of Ogun State, with an estimated employment capacity of about 6,500 direct and indirect workers.
This was disclosed on Tuesday by the President of Inner Galaxy Group, Mr. Li Shuang, during a courtesy visit to the Governor’s Office in Oke-Mosan, Abeokuta, alongside key members of the organization.
According to Shuang, the steel plant, which is expected to commence operations by April 2026, reflects the company’s ongoing commitment to expanding its footprint across Africa.
“We are confident that Ogun State offers a conducive business environment for this kind of industrial investment. Our entry into the Nigerian market began in 2005 with the production of iron rods for the building industry, and this new factory will be a significant addition,” Shuang said.
He noted that Inner Galaxy Group, a multinational company with active investments across Asia, the Philippines, Malaysia, and African nations such as Ghana and Angola, views Nigeria — and particularly Ogun State — as a strategic hub.
Governor Dapo Abiodun, in response, lauded the massive investment, describing it as a major boost for his administration’s vision to industrialize the state.
“This is a $400 million investment; it aligns perfectly with President Tinubu’s vision of growing Nigeria’s economy to a trillion dollars. You’re helping us build that vision. We are equally excited that this project will create thousands of jobs,” Abiodun remarked.
The governor also highlighted other upcoming developments in the state. “I’ll be commissioning a multimillion-dollar diagnostic equipment facility this week. In the past six years, we’ve successfully attracted numerous industries, and this is a clear testament to our investor-friendly policies.”
Abiodun further emphasized Ogun’s natural endowments and readiness to support industrial operations:
“We are richly blessed in Ogun State. Two-thirds of our landmass sits on limestone, making us the number one cement producer in Sub-Saharan Africa and third in the whole of Africa,” he said.
He also added that the state holds one of the largest reserves of high-quality lithium and has recently discovered large deposits of alluvial gold.
“You might also find our lithium deposits interesting. It is said to be of the highest quality in Nigeria, which could open additional opportunities for your operations,” the governor suggested.
Reiterating the government’s preparedness to support industrial players, Abiodun said his administration had developed an integrated infrastructure framework to drive investment.
“We have made strategic investments in road networks, rail, air connectivity, affordable housing, healthcare infrastructure, and education. All these are part of our deliberate ecosystem to attract and sustain businesses,” he stated.
