President of Inner Galaxy Group, Mr. Li Shuang, has announced plans to establish a $400 million hot-rolled coiled steel factory in Ewekoro Local Government Area of Ogun State.
The facility is projected to create approximately 6,500 direct and indirect employment opportunities.
Mr. Shuang revealed this on Tuesday during a visit to Governor Dapo Abiodun at the Governor’s Office in Oke-Mosan, Abeokuta, alongside a team of top executives from the company.
He noted that the steel plant is slated to commence operations by April 2026.
The multinational firm, which has significant investments in countries such as the Philippines, Malaysia, Ghana, and Angola, began operations in Nigeria in 2005, focusing initially on the production of iron rods for the construction sector.
Governor Abiodun, while responding, welcomed the development as a major boost to the state’s industrial profile and aligned it with the federal government’s economic aspirations.
“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. We are excited that you will also be employing people,” the governor stated.
He further highlighted that his administration had been deliberate in positioning Ogun State as the preferred industrial destination in Nigeria and the West African region.
“I will be commissioning a multimillion-dollar diagnostic equipment facility during the week. This administration has managed to attract quite a lot of industries in the last six years,” he added.
Governor Abiodun also pointed out the state’s wealth in human and natural resources, citing the recent discovery of substantial alluvial gold deposits and the availability of high-grade lithium.
“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 also want to discuss,” he told the delegation.
Reaffirming Ogun’s leading role in Nigeria’s non-oil economy, the governor stressed the importance of the state’s limestone deposits and its ranking in cement production.
“We are number one in non-oil revenue in Nigeria because two-thirds of the state sits on limestone. We have a lot of limestone here; we are actually number one in cement production in Sub-Saharan Africa, and we are number three in all of Africa,” he explained.
He concluded by stating that the state has developed a comprehensive support system for investors, including road, rail, and air infrastructure, as well as affordable housing, quality healthcare, and education facilities.
