Africa Finance Corporation and Nigeria’s Solid Minerals Development Fund have signed a Memorandum of Understanding to jointly finance three initiatives, including a 1.3-billion-dollar alumina refinery, a nationwide geoscience mapping programme, and a strategic investment vehicle. The refinery is expected to process one million tonnes of bauxite annually using the Bayer process and operate for about 20 years at high capacity, with projected total output of 19 million tonnes.
Minister of Solid Minerals Development, Dele Alake, described the agreement as transformative for the mining sector, noting its potential to significantly raise the sector’s contribution to GDP. The project is projected to add 1.2 billion dollars annually to GDP, generate over 25 billion dollars across its lifecycle, and earn 8 billion dollars in foreign exchange.
The partners also agreed to establish a joint investment platform to accelerate mineral exploration and production. AFC’s President, Samaila Zubairu, witnessed the signing ceremony.
