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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.