Nigeria signs $1.3 billion alumina refinery deal with AFC to boost mining sector
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Update time : 2026-03-03 15:30:17
Africa Finance Corporation and the Federal Government of Nigeria have signed a deal to invest in three major mining projects. One of them includes USD 1.3 billion for an aluminium refinery project. This agreement was signed under the Solid Mineral Development Fund (SMDF), a sovereign investment fund designed to catalyse private sector-based growth in the mining industry.
Under this agreement, both parties will carry out a geoscience mapping programme to improve mineral data and reduce exploration risks, encouraging more investors to participate in the sector. They will also create a joint investment vehicle to speed up exploration and mining development in Nigeria. The aim is to promote faster exploration, development, and eventual production from approved mining leases, particularly after successful exploration campaigns.
