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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.