Nigeria’s federal government has partnered with the Africa Finance Corporation (AFC) to invest $1.3 billion in a new alumina refinery and two strategic mining projects aimed at expanding the country’s solid minerals sector. The announcement was made in Abuja by the Minister of Solid Minerals Development, Dele Alake.
The alumina refinery will process 1 million tonnes of bauxite annually, operating for 20 years at 95% capacity, with total output estimated at 19 million tonnes. The pact also includes a nationwide geoscience mapping programme and a special investment vehicle to drive exploration and production.
Minister Alake said the deal marks a new phase in Nigeria’s mining reforms, highlighting modernised regulations, improved transparency, and faster permit approvals to attract private investment. He noted the refinery could contribute $1.2 billion annually to GDP and generate $8 billion in foreign exchange over its lifecycle.
The partnership is part of Nigeria’s broader economic diversification strategy, with ongoing projects in gold and lithium refining, positioning the country as a key industrial minerals hub in Africa.
