Inner Galaxy Steel Company Ltd to invest $300m in new steel plant 

A Chinese firm, Inner Galaxy Steel Company Limited, yesterday, disclosed moves to invest $300 million in a new steel plant for the production of specialised steel products in Ogun State. The disclosure was made by the President, Inner Galaxy Group Mr. Li who led a delegation to the office of the Minister of Steel Development, Prince Audu, in Abuja according to a statement signed by the Head, Information and Public Relations, Salamatu Jibaniya. Li also made it known that his company has been in operation in Nigeria for over 20 years with current investments in steel production in excess of $1 billion. He said the purpose of their visit to the Minister was basically to seeking the cooperation of the Ministry to facilitate a further investment of $300 million for the establishment of a new Steel Plant in Nigeria for the production of specialised steel products like plates, angles, beams, and stainless products, and amongst others.

He expressed optimism that the investment would reduce Nigeria’s dependence on imported specialised steel products that had led to huge capital flight, therefore, it would safe the scarce foreign exchange, and he added that the investment would definitely create over 10,000 direct and in direct jobs for Nigerians. Mr. Wale Adeniyi, CEO of Stanbic IBTC Bank, while speaking, assured the Ministry of the Bank’s readiness to support the numerous initiatives of the Ministry, especially the proposed Industrial Park with a Free-Trade Zone and CNG Park at Ajaokuta Steel Territory. The Minister while receiving the delegation along with the Permanent Secretary of the Ministry, Dr Chris Isokpunwu, and Directors, described the move as a welcomed development, stating it shows the Group’s confidence in the leadership of President Bola Ahmed Tinubu to turn the fortune of the nation around through the steel sector.

Meanwhile, he assured them of the Federal Government’s support in creating an enabling environment and providing other fiscal incentives for their sustainable operation in Nigeria, adding that the Ministry will review the proposal of the Company as well as involve relevant Government authorities for concessionary benefits within the current operational framework so as to facilitate the proposed foreign direct investment. Also, the Chief Executive Officer, CEO, Stanbic IBTC Bank, Wale Adeniyi, while speaking, assured the Ministry of the Bank’s readiness to support the numerous initiatives of the Ministry, especially the proposed Industrial Park with a Free-Trade Zone and CNG Park at Ajaokuta Steel Territory.