Nigeria's Federal Government and Africa Finance Corporation Sign $1.3 Billion Alumina Refinery Deal
The Federal Government of Nigeria has signed a $1.3 billion agreement with Africa Finance Corporation (AFC) to develop an alumina refinery. The deal includes a nationwide geoscience mapping initiative and a joint investment vehicle for mining assets. The refinery aims to process one million tonnes of bauxite annually and is projected to contribute $1.2 billion to GDP each year, generating over $25 billion over its lifecycle. The project is expected to be Nigeria's largest private mining investment and a significant foreign direct investment.
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Nigeria's Federal Government and Africa Finance Corporation (AFC) have formalized a $1.3 billion deal to establish an alumina refinery, marking a pivotal development in the country's mining sector. The refinery will process one million tonnes of bauxite annually and is projected to output 19 million tonnes of alumina over 20 years at 95% capacity.
This investment is anticipated to contribute $1.2 billion to Nigeria's GDP annually and generate $8 billion in foreign exchange earnings. The agreement, signed via the Solid Minerals Development Fund, also encompasses a geoscience mapping project and a strategic investment vehicle for mining initiatives. All necessary approvals for project execution have been granted, aiming to position Nigeria as a competitive player in the global minerals market.
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