$400m steel factory set to commence operation, employ 6,500 workers in Ogun

The President of Inner Galaxy Group, Li Shuang, says the company was ready to set up a $400 million hot rolled coiled steel factory with the capacity to employ about 6,500 workers in Ewekoro Local Government Area of Ogun State.

Shuang made this known while leading a delegation of principal officials of the organisation at the Governor’s office in Abeokuta, the capital of Ogun State, on Tuesday, May 6, 2025.

Shuang added that the steel factory will commence operations in April 2026, saying the organisation, 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.

In his remarks, Ogun State Governor Dapo Abiodun expressed delight in the huge investment, as he ascribed the success to his administration’s move to make the state the leading industrial hub in Nigeria and the West Africa sub-region.

Abiodun said: “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.

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“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.”

The governor noted that Ogun 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.

He added: “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.”

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

The Star