The African Finance Corporation and the Federal Government, through the Solid Minerals Development Fund, have signed an investment agreement to jointly finance three strategic projects, including a $1.3bn alumina refinery, a nationwide geoscience mapping exercise, and a special investment vehicle to unlock Nigeria’s minerals potential.
The agreement, signed in Abuja, marks the climax of months of negotiations between both parties and signals growing investor confidence in ongoing reforms in the country’s mining sector.
According to a statement issued on Sunday by the Special Assistant on Media to the Minister of Solid Minerals Development, Segun Tomori, the alumina refinery is expected to process about one million tonnes of bauxite annually using a modern Bayer-process flowsheet, supported by an on-site gas-fired cogeneration plant to generate steam and power.