FG and AFC Sign $1.3 Billion Alumina Project Deal

The Federal Government of Nigeria, represented by the Minister of Solid Minerals Development, Dele Alak, and the African Finance Corporation (AFC), signed a landmark memorandum of understanding (MoU) to jointly fund a $1.3 billion alumina project. This project aims to construct an alumina refinery with an estimated output of 1 million tons of bauxite per annum, utilizing a modern Bayer process flowsheet.

The initiative is projected to contribute approximately $1.2 billion to Nigeria's GDP annually and generate $8 billion in foreign exchange earnings over its lifecycle. The MoU was signed during a ceremony in Abuja, with key figures including Hajia Fatima Shinkafi, the Executive Secretary of the Solid Minerals Development Fund (SMDF), and Samaila Zubairu, the President and CEO of AFC.

The project is expected to enhance Nigeria's mining sector, attract private investment, and modernize the regulatory framework, thereby positioning Nigeria as a competitive destination for mining investment.