Chinese Coy to Establish $300m Steel Plant in Ogun
A Chinese company, Inner Galaxy Steel Company Limited, is set to invest about 300 million Dollars to establish a new steel plant for the production of specialised steel products in Ogun.
The Minister of Steel Development, Prince Shuaibu Audu, made this known in a statement issued by the ministry’s Head, Information and Public Relations Unit, Salamatu Jibaniya, on Thursday in Abuja.
Audu said that the move aligned with the economic diversification policy of President Bola Tinubu’s administration under the Renewed Hope Agenda.
He said that the move also demonstrated the company’s confidence in Tinubu’s leadership to drive industrialisation, and transform the country’s prospects through the steel sector.
He assured the company of the Federal Government’s support in creating an enabling environment, and providing other fiscal incentives to facilitate their sustainable operation in Nigeria.
According to him, the ministry will review the proposal of the company as well as involve relevant government authorities for concessionary benefits within the current operational framework.
He explained that the move would also facilitate the proposed foreign direct investment.
The News Agency reports that the President of the Chinese company, Mr Li Shuang, had visited the minister in his office to seek the ministry’s cooperation for a 300 million Dollars investment, for the establishment of a new steel plant in Nigeria.
He said that the plant would be for the production of specialised steel products like plates, angles, beams, and stainless products among others.
He said that the investment was expected to increase the steel production output of the country, reduce Nigeria’s reliance on imported specialised steel products and conserve scarce foreign exchange with attendant employment generation opportunities.
This, he said, includes 10,000 both direct and indirect employment, along with other multiplier effects in the economy.
Shuang said that the company has been operating in Nigeria for more than twenty years, with current investments in steel production in excess of one billion Dollars. #Chinese Coy to Establish $300m Steel Plant in Ogun
