Steel Output: NCSP Backs $550m Inner Galaxy Expansion

Nigeria's industrial capacity is set to receive a significant boost with Inner Galaxy Steel Company's announcement of a $550 million expansion plan in Ogun State. The plan aims to increase the company's annual output to 2 million metric tons from its current production level in Abia State.

The expansion is supported by the Strategic Partnership with NCSP, with Joseph Tegbe expressing confidence in the operational enhancements that could elevate the Abia site's capacity to 1 MMT per year. The funding structure for the project includes $450 million from a Chinese partner and $100 million from a Nigerian partner institution.

The visit also highlighted the growth of a broader industrial cluster around Inner Galaxy, including companies like Neway Power Technology Company Ltd and Starich Recycle Technologies Company Limited. This expansion aligns with President Bola Ahmed Tinubu's goal of achieving 10 MMT of national steel production annually.