Mirian Gom 
ABUJA, Nigeria – The Federal Government of Nigeria has entered into an investment agreement with the Africa Finance Corporation (AFC) to co-finance a $1.3 billion alumina refinery, alongside two further projects, in what officials are billing as the country’s single largest private mining investment to date.
The pact, inked in Abuja on Sunday, will see the proposed refinery process one million tonnes of bauxite annually over a projected 20-year operational lifespan at 95 per cent utilisation, yielding a total alumina output of 19 million tonnes. Officials estimate the facility will contribute $1.2 billion to gross domestic product each year and generate upwards of $25 billion for the broader economy across its lifecycle, with foreign exchange earnings expected to reach $8 billion.
Executive Secretary of the Solid Minerals Development Fund Fatima Shinkafi signed on behalf of the government, whilst AFC Deputy Director and Head of Metals and Mining Franklin Edochie executed the agreement for the corporation.
Beyond the refinery, the partnership encompasses a nationwide geoscience mapping programme and the establishment of a joint strategic investment vehicle designed to accelerate exploration and production across selected mineral leases.
Minister of Solid Minerals Development Dele Alake described the deal as transformative, stating: “I have granted all necessary approvals to fast-track the AFC–SMDF investments,” and directing relevant agencies to expedite permits, titles and regulatory clearances. He credited recent regulatory reforms with creating the conditions necessary to attract institutional capital of this scale.
Initial feasibility studies conducted by both parties have confirmed the project’s commercial viability ahead of full development.
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Koko Maxwella 
Oluwatobi Adu 
Chukwu Obinna 