Nigeria’s steel industry is set for a major leap as Inner Galaxy Steel Company confirmed a $550 million investment in a new Ogun State facility projected to deliver 2 million metric tons of steel annually. The move, according to the company, will not only strengthen industrial capacity but also align with the Federal Government’s drive to achieve 10 million metric tons of national steel output each year.
Speaking during a tour of the company’s flagship plant in Abia State, Director-General of the Nigeria–China Strategic Partnership, Joseph Tegbe, described the expansion as “a transformative step in repositioning Nigeria as a leading steel producer in Africa.” The Abia facility, which currently turns out 600,000 metric tons yearly, is expected to reach 1 million metric tons through planned operational upgrades.
The new Ogun State plant will be developed in phases and powered largely by locally sourced iron ore, which Tegbe said would “enhance self-sufficiency, create thousands of jobs, and stimulate ancillary industries.” Out of the total funding, $450 million will come from Chinese partners and financial institutions, while Nigerian partners and institutions will contribute $100 million.
Beyond steel, the DG noted that Inner Galaxy’s Abia operations have sparked a thriving industrial cluster, hosting firms such as Neway Power Technology Company Ltd, which produces about 4 million car batteries yearly; Jiu Xing Integrity Industries Limited, a trailer assembler; and Starich Recycle Technologies Company Limited, which specialises in plastics recycling and manufacturing. “What we are seeing here is industrialisation in motion,” Tegbe said. “It’s proof that strategic partnerships can deliver tangible growth for the Nigerian economy.”
