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A Chinese company called Inner Galaxy Steel Company Limited has planned to invest $300 million to build a new steel facility in Ogun State that will manufacture specialty steel products. This move is in line with President Bola Tinubu’s Renewed Hope Agenda economic diversification program. ...READ THE FULL STORY FROM SOURCE ...READ THE FULL STORY FROM SOURCE
The Minister of Steel Development, Prince Shuaibu Audu, disclosed this in a statement issued on Thursday, October 17, in Abuja by Salamatu Jibaniya, the Head of the Ministry’s Information and Public Relations Unit.
According to Audu, the investment is in line with President Bola Tinubu’s Renewed Hope Agenda economic diversification program, demonstrating the company’s faith in Tinubu’s ability to lead industrialization and improve the country’s prospects through the steel industry.
The Guardian reported that the minister gave the business the assurance that the Federal Government would support sustainable operations by offering financial incentives and an enabling environment.
He emphasized that the goal of this program is to draw in and facilitate foreign direct investment, adding that the ministry would examine the company’s request and consult with the appropriate authorities to investigate concessionary benefits within the current operational framework.
In order to get the ministry’s backing for a $300 million investment to build a new steel plant in Nigeria, Li Shuang, President of Inner Galaxy Steel Company Limited, had previously visited with Prince Shuaibu Audu, minister of steel development.
According to Shuang, the plant would concentrate on manufacturing speciality steel products, such as stainless steel, plates, angles, and beams. He emphasised that the investment would increase Nigeria’s capacity to produce steel, lessen reliance on imported speciality steel, preserve foreign exchange, and create jobs.
In addition to other economic multiplier effects, Shuang estimates that the project will generate 10,000 direct and indirect jobs. The company has been in business in Nigeria for more than 20 years, he added, and it currently has over $1 billion invested in steel production.
There were reports that Aliko Dangote, president of the Dangote Group, has said the group will no longer invest in Nigeria’s steel industry to avoid the monopoly label. The Nigerian billionaire disclosed this on Saturday, July 20, 2024, stating that the allegations of trying to monopolize businesses in Nigeria have become a significant discouragement.…For More READ THE FULL STORY ▶▶
