$400 Million Steel Plant to Boost Ogun’s Economy, Create Thousands of Jobs

Abeokuta, Ogun State – Ogun State is poised for a significant economic boost with the announcement by the Inner Galaxy Group of its plans to establish a $400 million hot rolled coiled steel factory in the Ewekoro Local Government Area. The company’s President, Mr. Li Shuang, revealed the ambitious project on Tuesday during a meeting with Governor Dapo Abiodun at the Governor’s office in Oke-Mosan, Abeokuta.

According to Mr. Shuang, the state-of-the-art facility is expected to commence operations in April 2026 and will generate approximately 6,500 direct and indirect employment opportunities. Inner Galaxy Group, a multinational corporation with substantial investments across Asia, the Philippines, Malaysia, and African nations like Ghana and Angola, first entered the Nigerian market in 2005, focusing on the production of iron rods for the construction sector.

Governor Dapo Abiodun expressed his enthusiasm for this major investment, highlighting its alignment with his administration’s strategic efforts to position Ogun State as the leading industrial hub in Nigeria and the West Africa sub-region.

“This is a $400 million investment; this aligns with the President’s vision to ensure that we grow this economy to a trillion dollars, and I think that you will be contributing your quota in achieving that,” Governor Abiodun stated. “We are excited that you will also be employing people.”

The Governor further emphasized the state’s attractive investment climate, citing its abundant human and natural resources. He revealed the recent discovery of alluvial gold in significant quantities and highlighted the state’s high-quality lithium deposits, suggesting potential future collaborations.

“I think it may interest you to know that we also have lithium in Ogun State; the lithium in Ogun State is meant to be the highest quality in Nigeria. So, it may be something you might want to also discuss,” the Governor noted.

Governor Abiodun also underscored Ogun State’s leading position in non-oil revenue generation in Nigeria, attributing it to the vast limestone deposits that underlie two-thirds of the state. He proudly announced that Ogun State is the number one cement producer in Sub-Saharan Africa and ranks third across the entire African continent.

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To further support incoming investments, Governor Abiodun detailed his administration’s commitment to developing an integrated ecosystem of infrastructure. This includes significant investments in roads, rail networks, air transport facilities, affordable housing, healthcare infrastructure, and educational institutions.

“This administration has managed to attract quite a lot of industries in the last six years,” the Governor affirmed, referencing the upcoming commissioning of a multimillion-dollar diagnostic equipment facility as another example of the state’s progress.

The announcement of the Inner Galaxy Group’s steel factory marks a significant step towards bolstering Ogun State’s industrial capacity and creating substantial employment opportunities for its residents. The project is anticipated to have a far-reaching positive impact on the state’s economy and contribute to Nigeria’s broader economic growth objectives.