Nigeria has signed a $1.3 billion agreement with the (AFC) to develop a major alumina refinery and expand mineral exploration across the country.
The Federal Government said the project forms part of its broader strategy to diversify the economy away from crude oil dependency and reposition the solid minerals sector as a key revenue driver.
PROJECT DETAILS
According to officials, the planned refinery will process approximately one million tonnes of bauxite annually and is expected to operate for about 20 years.
The alumina refinery will convert raw bauxite into alumina, a critical raw material used in aluminum production. This move is expected to reduce the export of unprocessed minerals while strengthening local value addition.
EXPECTED BENEFITS
The government says the project will:
- Create significant employment opportunities
- Attract both local and foreign investment
- Strengthen Nigeria’s mineral processing capacity
- Enhance revenue generation outside the oil sector
Authorities also noted that the partnership with AFC will support nationwide mineral exploration, aimed at unlocking untapped mineral resources across various states.
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The agreement marks one of the largest recent investments in Nigeria’s solid minerals industryNigeria’s solid minerals industry and signals renewed efforts to build a more diversified and resilient economy.
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