MON MAR 02 2026-theGBJournal| The Africa Finance Corporation (AFC) and the Solid Minerals Development Fund (SMDF) have signed a landmark agreement to fund three major initiatives, including a $1.3 billion alumina refinery, marking a major push to deepen value addition in Nigeria’s solid minerals sector.
Under the partnership, AFC is expected to provide structuring expertise, funding support and project development capabilities, while SMDF will leverage its mandate to catalyse private investment into Nigeria’s mining industry.
The signing agreement was witnessed by Nigeria’s Minister of Solid Minerals, Dele Alake.
”This is how we grow mining’s real contribution to our economy. We have the minerals. With this partnership, we are putting serious capital behind developing them properly,” Alake said after the signing ceremony.
”This means jobs, technology, foreign exchange, and real contribution to our GDP over the long term. The numbers are strong, but what matters more is viability,” he adds.
Alake said the partnership signals a new phase in Nigeria’s mining reforms and industrial base.
Beyond its industrial impact, the proposed refinery underscores Nigeria’s broader ambition to diversify its economy away from oil and unlock the vast potential of its untapped mineral resources.
If successfully executed, the project could attract further foreign direct investment, strengthen export earnings and position the country as a competitive hub for aluminium production in Africa.
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