Nigeria's Federal Government Signs $1.3 Billion Alumina Investment Deal with AFC
The Federal Government of Nigeria has signed a $1.3 billion MoU with the Africa Finance Corporation (AFC) to jointly finance the Alumina Project, which includes building an alumina refinery and conducting geoscience mapping. The refinery aims to process 1 million tonnes of bauxite ore annually and is projected to contribute $1.2 billion to Nigeria's GDP annually, with a total economic impact of over $25 billion. The project is expected to generate $8 billion in foreign exchange earnings.
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The Federal Government of Nigeria and the Africa Finance Corporation (AFC) have signed a $1.3 billion Memorandum of Understanding to finance the Alumina Project, which involves constructing a refinery with an annual capacity of 1 million tonnes of bauxite ore. The facility will use a modern Bayer process and include a gas-fired cogeneration plant.
Expected to operate for approximately 20 years, the project aims to contribute $1.2 billion to Nigeria's GDP each year, with total contributions exceeding $25 billion. The initiative is part of efforts to enhance the mining sector's regulatory framework and attract private investment. A joint strategic investment vehicle will also be established to develop exploration assets across Nigeria.
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