Inner Galaxy Steel to Build $550m Plant in Ogun State

By Diafa Doubra

Inner Galaxy Steel Company has announced plans to invest $550 million in a new steel plant in Ogun State, aiming to boost Nigeria’s industrial capacity and reduce dependence on imported steel. The facility, expected to produce up to two million tonnes of steel annually, will rely on locally sourced iron ore to support the country’s push for self sufficiency in the sector.

Company executives revealed that the project will create thousands of direct and indirect jobs, stimulate local businesses, and strengthen Nigeria’s position in West Africa’s steel market. Construction is set to begin later this year, with completion targeted within three years. Ogun State authorities have welcomed the investment, describing it as a major step toward industrial growth and economic diversification.