Ogun State to Welcome $400 Million Steel Factory, Creating 6,500 Jobs

A major industrial investment is set to transform Ogun State’s economy as a multinational company prepares to establish a $400 million steel factory. The project is expected to generate approximately 6,500 direct and indirect employment opportunities.

Investment Announcement and Timeline

The announcement was made during a meeting between company representatives and Ogun State Governor Dapo Abiodun in Abeokuta. Mr. Shuang, representing the investing organization, revealed that operations are scheduled to commence in April 2026.

The company, which has extensive operations across Asia (including the Philippines and Malaysia) and Africa (with presence in Ghana and Angola), entered the Nigerian market in 2005. It currently specializes in producing iron rods for the construction industry.

Governor’s Enthusiasm for Economic Growth

Governor Abiodun expressed his administration’s delight at securing this significant investment, attributing the success to deliberate policies aimed at positioning Ogun State as West Africa’s premier industrial hub.

“This $400 million investment aligns perfectly with President Bola Tinubu’s vision to grow Nigeria’s economy to a trillion dollars,” Governor Abiodun stated. “We’re particularly excited about the employment opportunities this will create for our people.”

The governor highlighted his administration’s track record in attracting industrial investments, noting that he would soon commission a multimillion-dollar diagnostic equipment facility as part of ongoing development projects.

Ogun’s Natural Resource Advantage

Governor Abiodun emphasized the state’s abundant natural resources, including:

• Significant alluvial gold deposits
• Nigeria’s highest quality lithium reserves
• Extensive limestone deposits making Ogun number one in non-oil revenue

“We’re the leading cement producer in Sub-Saharan Africa and rank third across the entire continent,” the governor added, inviting potential investors to explore these mineral resources.

Supporting Infrastructure for Investors

The administration has developed an integrated infrastructure ecosystem to support industrial growth, including:

• Comprehensive road networks
• Rail connections
• Air transport facilities
• Affordable housing
• Modern medical infrastructure
• Quality educational institutions

This steel factory investment represents a significant milestone in Ogun State’s industrialization agenda and Nigeria’s broader economic development goals.

Full credit to the original publisher: Per Second News