Federal Government and AFC Sign $1.3 Billion Alumina Project Agreement
The Africa Finance Corporation (AFC) and Nigeria's Federal Government, through the Solid Minerals Development Fund (SMDF), signed a Memorandum of Understanding to develop three projects, including a $1.3 billion alumina refinery. This project aims to generate 1 million tonnes of bauxite ore annually and is expected to contribute $1.2 billion to Nigeria's GDP each year, with a total economic impact of over $25 billion. The initiative also includes a geoscience mapping exercise and a strategic investment vehicle.
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The Africa Finance Corporation (AFC) and Nigeria's Federal Government, represented by the Solid Minerals Development Fund (SMDF), signed a Memorandum of Understanding to jointly fund a $1.3 billion alumina project. This initiative also includes a comprehensive geoscience mapping exercise and a strategic investment vehicle.
The alumina refinery is projected to produce 1 million tonnes of bauxite ore annually, with total alumina output expected to reach 19 million tonnes over 20 years of operation. The project is anticipated to contribute $1.2 billion to Nigeria's GDP annually and over $25 billion to the economy throughout its lifecycle, generating $8 billion in foreign exchange earnings. The partnership aims to enhance Nigeria's position in the global minerals market and accelerate the development of exploration assets.
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