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Massive $400m Steel Factory Ready to Begin Production in Ogun

Per Second NewsMay 7, 2025746

A significant economic boost is on the horizon for Ogun State as Inner Galaxy Group, under the leadership of President Mr. Li Shuang, intends to build a $400 million hot rolled coiled steel factory in the Ewekoro Local Government Area.

This venture promises to generate around 6,500 employment opportunities, both directly and indirectly.

The announcement was made by Mr. Shuang during a meeting with the Governor in Abeokuta, where he presented the organization’s plans alongside other principal officials.

He said the company is expected to commence operations in April 2026, saying the organization, a multinational company with vast investments in Asia, the Philippines, Malaysia, and some African countries like Ghana and Angola, entered the Nigerian market in 2005, producing iron rods for the building industry.

Abiodun, in his remarks, expressed delight in the huge investment, as he ascribed the success to his administration’s deliberate and intentional move to make the state 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. We are excited that you will also be employing people.

“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 said.

The governor noted that the state is blessed with abundant human and natural resources, adding that alluvial gold had been discovered in large quantities, just as the state has the highest quality of 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 want to also discuss.

“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,” the governor said.

Abiodun said his administration had put in place an integrated ecosystem of infrastructure to support investments coming into the state, emphasizing that required infrastructure like roads, rail, air, affordable housing accommodations, medical infrastructure, and schools have been made available in the state.