FG signs $1.3bn deal with AFC for alumina refinery, mining projects

Federal Government partners Africa Finance Corporation (AFC) for $1.3bn investment in alumina refinery and mining projects. The partnership aims to boost Nigeria's solid minerals sector contribution to GDP and attract private capital. Key projects include a 1 million-tonne-per-annum alumina refinery, national geoscience mapping, and a special investment vehicle for exploration. Minister Dele Alake stated the facility will operate at 95% capacity for 20 years, generating $1.2bn annual GDP contribution and $25bn over its lifecycle. The refinery is Nigeria's largest private mining investment. AFC and government officials signed the agreement, with AFC's Franklin Edochie and SMDF's Hajiya Fatima Shinkafi executing the pact. This follows Nigeria's recent gold refinery operations and lithium plant progress.

SOURCE: https://nairametrics.com/2026/03/02/afc-fg-seal-1-3-billion-alumina-refinery-pact/