Chinese firm CEO urges foreign investors to tap into Nigeria’s potential

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ANDY Lu, Managing Director of a Chinese firm, Inner Galaxy Steel Company, on Thursday, urged international investors to take advantage of Nigeria’s potential and invest in the country.

Lu, in a statement made available to newsmen on Thursday in Lagos, said, “Nigeria has a lot of potentials to become a leading world economy in no distant time”.

According to him, Nigeria has some of the most hardworking and energetic populations in the world.

“At a time many investors seem uncertain about the future of Nigeria as an investment destination, I advise investors not to write off Nigeria and its future.

“Nigeria has the potential to become a leading world economy in no distant time. So, I will advise fellow international investors not to focus on Nigeria’s temporary challenges.

“But should focus on what I call, ‘the in-built resilience’, and it’s capacity to survive and quickly come out stronger from any challenges it finds itself,” he said.

The firm chief executive officer recalled telling newsmen in 2015 about his planned ultra-modern manufacturing facility in Abia, which he said today had become a reality.

He said that the facility had been receiving all the supports it needed to be successful, from the Nigerian Government, as well as the host community since its existence 12 years ago.

Lu said that he based his company’s centre of interest in five areas of critical importance.

According to him, the focus is on staff welfare, host community satisfaction through corporate social responsibility, being good corporate citizens by meeting all our obligations to the government.

“Also, producing high-quality products to the happiness of our consumers/traders, and using technology to be ahead of the competition at all times,” Lu said.

Besides, he said, “the company focussed on technology transfer, which was why staff members who are Nigerians are being given all the required exposure and opportunity to work in the most strategic parts of the company.”

Lu recalled that Inner Galaxy Group opened its ultra-modern steel manufacturing plant, Inner Galaxy Steel in Abia, in 2016.

The plant is one of the largest and most modern steel plants in West Africa, with a staff strength of over 1,500 direct employees.

Subsidiaries of the group include Hongxing Steel, Lagos, as well as Jiuxing Steel Construction Company also located in Abia. (NAN)

– Aug. 21, 2020 @ 8:45 GMT |

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