The Federal Government has formalised a $1.3 billion investment partnership with the Africa Finance Corporation to develop a major alumina refinery and two additional strategic mining projects, signalling a renewed drive to expand and industrialise Nigeria’s solid minerals sector. The announcement, made in Abuja by the Minister of Solid Minerals Development, Dele Alake Government inaugurated a high-purity gold refining plant in Lagos and announced progress on additional gold refineries across the country, alongside a $600 million lithium processing plant in Nasarawa State.
The AFC partnership is expected to position Nigeria as a major industrial minerals processing hub in Africa, offering opportunities for domestic and foreign investment, technology transfer, and employment generation. Industry experts have noted that the project could help strengthen Nigeria’s global competitiveness in minerals production and downstream processing, creating a new industrial ecosystem centred on sustainable and technologically advanced mining operations.
Officials emphasised that the project would not only increase mineral output but also enhance the broader value chain, including logistics, local manufacturing, and skills development. The Ministry anticipates that these developments will have a multiplier effect, stimulating growth in related sectors, including energy, transportation, and construction, while boosting regional economic development in mineral-rich states.
With the new investment, Nigeria aims to leverage its abundant natural resources more efficiently and ensure long-term economic resilience, aligning with the government’s vision of transforming the solid minerals sector into a cornerstone of national industrialisation and economic diversification. The partnership with AFC demonstrates a commitment to public-private collaboration and is seen as a blueprint for future large-scale investments in the sector.
