Good News as Million-Dollar Steel Factory Set to Open in Nigeria, Create Job Opportunities

• The Chinese multinational Inner Galaxy Group has announced plans to build a $400 million hot-rolled coiled steel factory in Ogun State, with operations expected to begin in April 2026.
• The facility is anticipated to generate approximately 6,500 direct and indirect jobs, contributing to Nigeria's economic diversification and reducing its $4 billion annual steel import.
• Governor Dapo Abiodun and other officials praised the investment, highlighting Ogun's resources and infrastructure that support industrial development in the state.

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

The Chinese multinational Inner Galaxy Group has announced plans to establish a $400 million hot-rolled coiled steel factory in Ewekoro, Ogun State. Operations are expected to start in April 2026.

At a meeting with Governor Dapo Abiodun at the Governor's Office in Oke-Mosan, Abeokuta, on Tuesday, the group's president, Li Shuang, made the announcement. It is anticipated that the facility will generate roughly 6,500 direct and indirect jobs.

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

Under President Bola Tinubu's Renewed Hope Agenda, the more than 100-hectare Stellar Steel Plant will produce hot-rolled coils, lowering Nigeria's $4 billion yearly steel import cost and promoting economic diversification.

Governor Abiodun praised his administration's efforts to establish Ogun as Nigeria's premier industrial centre and welcomed the investment.

“This $400 million investment aligns with the president’s vision to grow this economy to a trillion dollars, and you will be contributing your quota,” he said.

Abiodun highlighted Ogun's resources, which include limestone, alluvial gold, and high-quality lithium. He also mentioned that the state leads Sub-Saharan Africa in cement production and non-oil earnings.

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

Prince Shuaibu Audu, Minister of Steel Development, presided over the groundbreaking event on April 24, 2025, and praised Inner Galaxy's performance, pointing to their $150 million battery recycling facility in Aba and their lithium factory in Nasarawa.

Audu projects that the facility will be put into service in April 2026, creating over 3,500 jobs and increasing Nigeria's foreign exchange earnings.

Tinubu appoints new MD for Ajaokuta steel company

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

The appointment is in accordance with the provisions of the Certain Political and Judicial Office Holders (Salaries and Allowances, etc) Act 2008 as amended.

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

Source: Legit.ng