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The Federal Government of Nigeria, through the Solid Minerals Development Fund (SMDF), has signed a $1.3 billion Memorandum of Understanding with Africa Finance Corporation (AFC) for a major alumina refinery project, a nationwide geoscience mapping program, and a strategic investment vehicle to enhance mineral resource development. The refinery will process one million tonnes of bauxite annually using a Bayer-process flowsheet and will have a projected lifespan of 20 years, yielding approximately 19 million tonnes of alumina.

This initiative is expected to contribute $1.2 billion annually to Nigeria’s GDP and generate $8 billion in foreign exchange. The partnership is aimed at fostering private sector investment in Nigeria's mining sector.