Nigeria, AFC sign $1.3 billion deal to build alumina refinery

Admin March 2, 2026

Nigeria has signed a $1.3 billion investment deal with Africa Finance Corporation (AFC) to build an alumina refinery and fund nationwide mineral exploration, the government said late on Sunday, in one of the country’s biggest private-sector mining deals.

The pact, signed through the Solid Minerals Development Fund, covers the building of the refinery, the launch of a nationwide mineral mapping programme and the creation of an investment vehicle to fast-track exploration.

Mines Minister Dele Alake said the “landmark deal” will help speed up President Bola Tinubu’s plans to boost mining revenue and cut reliance on oil.

The refinery will process 1 million metric tons of bauxite annually, powered by a gas-fired energy plant for steam and power. At 95% utilisation over 20 years, it is expected to produce about 19 million tons of alumina, Alake said.

REUTERS