Nigeria, AFC sign $1.3B alumina refinery deal
Nigeria has agreed to a $1.3 billion investment deal with the Africa Finance Corporation (AFC) to construct an alumina refinery and fund nationwide mineral exploration, one of the country’s largest private-sector mining projects.
Signed through the Solid Minerals Development Fund, the agreement covers the refinery’s construction, a nationwide mineral mapping programme, and the creation of an investment vehicle to accelerate exploration, News.Az reports, citing Reuters.
Mines Minister Dele Alake called the “landmark deal” a key step in President Bola Tinubu’s plan to increase mining revenue and reduce reliance on oil.
RECOMMENDED STORIES
The refinery will process 1 million metric tons of bauxite annually, powered by a gas-fired plant supplying steam and electricity. At 95% capacity over 20 years, it is expected to produce about 19 million tons of alumina.
By Aysel Mammadzada
Similar news
