“NIGERIA’S MINING REVOLUTION: $1.3BN ALUMINA REFINERY DEAL SEALED
The Federal Government, through the Solid Minerals Development Fund (SMDF), has signed a landmark $1.3 billion Memorandum of Understanding with the Africa Finance Corporation (AFC) to boost Nigeria’s mining sector.
Key Issues:
– _”The agreement marks the culmination of extensive negotiations between AFC and SMDF and centres on the construction of a $1.3 billion alumina refinery projected to process one million tonnes of bauxite ore annually.”_
– Transformative Milestone: Minister of Solid Minerals Development, Dr. Dele Alake, described the pact as a transformative milestone for the mining sector.
– _”This is a landmark deal, poised to transform the mining sector and increase its contribution to the nation’s Gross Domestic Product (GDP).”_
– Economic Boost: The project is expected to contribute $1.2 billion annually to GDP, inject over $25 billion into the economy, and generate $8 billion in foreign exchange earnings.
– _”Expected to be Nigeria’s largest mining-sector private investment and a landmark foreign direct investment, the project will contribute $1.2 billion to GDP annually, over $25 billion to the national economy across its lifecycle, and generate $8 billion in foreign exchange earnings.”_
– Strategic Partnership: SMDF and AFC will establish a joint strategic investment vehicle to accelerate exploration and development of mineral assets nationwide .
Permanent Secretary of the Ministry, Engr. Farouk Yabo, commended the development, describing it as evidence of reform-driven leadership and reiterating the Ministry’s commitment to ensuring seamless regulatory support for the project’s execution.
President and CEO of AFC, Samaila Zubairu, witnessed the signing alongside AFC’s Deputy Director and Head of Metals & Mining, Franklin Edochie, who signed on behalf of the corporation.
Alake reaffirmed the Federal Government’s resolve to accelerate mining sector growth, confirming that all necessary approvals have been granted to fast-track the partnership.
He directed relevant agencies under the Ministry to ensure timely processing of permits, titles and regulatory clearances to guarantee smooth implementation.
The agreement underscores the Federal Government’s push to deepen reforms, strengthen regulatory frameworks, and attract sustained private sector capital into Nigeria’s solid minerals sector.
SOURCE ==INDEPENDENT NG==EXCEPT THE HEADLINE AND INTRO PLUS A FEW PARAGRAPHS
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