According to the latest reports from Nigerian media, Chinese company Galaxy Steel announced that it will invest 550 million US dollars (about 3.9 billion yuan) to build a new steel plant in Ogun State, Nigeria. The project is expected to have an annual production capacity of 2 million metric tons after completion. This major investment plan was officially announced by Joseph Tegebe, Director General of the Nigeria China Strategic Partnership, during his inspection of the company's flagship factory in Abia State.

It is understood that $450 million of the funding for the expansion project comes from Chinese partners and financial institutions, while the remaining $100 million is borne by local partners in Nigeria. The current annual production capacity of Inner Galaxy Steel Company's factory in Abia state is about 600000 tons, which is expected to be increased to 1 million tons through technological transformation. The new factory will be constructed in stages, fully utilizing the abundant iron ore resources in the local area, to help achieve the national steel production target of 10 million tons proposed by Nigerian President Bora Ahmed Tinubu.

It is worth noting that a sizable industrial cluster has formed around the Abia state factory of Inner Galaxy Steel Company, including Neway Power Technology Co., Ltd. with an annual production capacity of 4 million automotive batteries, Jiuxing Chengxin Industrial Co., Ltd. engaged in trailer manufacturing, and Starich Recycling Technology Co., Ltd., a professional plastic recycling enterprise. The formation of this industrial cluster fully demonstrates the driving effect of the steel industry on local economic development.

As a professional steel manufacturing enterprise, Inner Galaxy Steel Company is headquartered in Umu Ahara Community, Abia State, Nigeria, about 25 kilometers away from the industrial and commercial center city of Aba. The company mainly produces various specifications of steel bars and other steel products, which are not only supplied to the domestic market in Nigeria, but also sold to the coastal areas of West Africa. The implementation of this expansion plan will further consolidate its important position in the West African steel market and inject new impetus into Nigeria's industrialization process. (This article is from the official website www.seetao.com of Jian Dao. Reproduction without permission is prohibited, otherwise it will be prosecuted. Please indicate Jian Dao website+original link when reprinting.) Jian Dao website infrastructure engineering column editor/Yang Beihua