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FG, AFC to Fund $1.3bn Alumina Refinery, Two Other Mining Projects

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Alumina Refinery

By Adedapo Adesanya

The federal government, through the Solid Minerals Development Fund (SMDF), has signed an investment agreement with the Africa Finance Corporation (AFC) to jointly fund three major mining initiatives, including a $1.3 billion alumina refinery project.

Alumina is a chemical compound extracted from bauxite. It is composed of two elements: oxygen and aluminium. It has wide applications across metallurgy, ceramics, electronics, and chemical processing.

The agreement also covers a comprehensive geoscience mapping exercise and the establishment of a joint strategic investment vehicle to drive exploration and development across the sector.

According to a statement on Sunday by Mr Segun Tomori, the Special Assistant on media to the Minister of Solid Minerals Development, the refinery will utilise a modern Bayer-process flowsheet and feature an on-site gas-fired cogeneration plant for steam and power generation.

The ministry said the agreement is the culmination of discussions between AFC and SMDF to co-finance the construction of a $1.3 billion alumina refinery expected to process about one million tonnes of bauxite ore per annum.

“The facility is designed to operate for approximately 20 years at 95 per cent utilisation, with total alumina output projected at 19 million tonnes over its lifespan,” the statement reads.

Speaking at the signing ceremony, Mr Dele Alake, the Minister of Solid Minerals Development, described the deal as a landmark transaction that will transform the mining sector and increase its contribution to Nigeria’s gross domestic product (GDP).

Mr Alake said the deal aligns with the ministry’s reform agenda, noting that efforts to modernise the regulatory framework and strengthen the mineral licensing regime have begun attracting significant private capital.

Demonstrating the federal government’s commitment to fast-tracking the investments, the minister said all necessary approvals have been granted to accelerate implementation of the agreement.

He directed relevant agencies under the ministry to ensure seamless processing of permits, titles, and regulatory clearances.

On her part, Mrs Fatima Shinkafi, the Executive Secretary of the SMDF, said the transaction represents the agency’s largest funding project since inception.

“We are very proud and honoured to facilitate this phenomenal milestone, which is quite unprecedented since the inception of SMDF,” Mrs Shinkafi said.

“It is a $1.3 billion CAPEX. SMDF has come of age and can sit here and sign this deal with AFC. I thank the AFC for collaborating with us to boost the value addition policy of my boss, Dele Alake.”

On his part, Mr Farouk Yabo, permanent secretary of the ministry, said the development could position Nigeria more prominently on the global mining map.

The ministry further said the project is projected to be Nigeria’s largest private investment in the mining sector and will contribute about “$1.2 billion to GDP annually, inject over $25 billion into the national economy across its lifecycle, and generate $8 billion in foreign exchange earnings”.

The statement said initial feasibility studies conducted by the AFC and SMDF confirmed the project’s competitiveness and commercial viability, reinforcing efforts to position Nigeria as a globally competitive minerals destination.

“As part of the agreement, both parties will undertake a comprehensive geoscience mapping exercise aimed at generating mineral data, de-risking exploration for investors, and unlocking the sector’s full potential,” the statement further reads.

“AFC and SMDF also agreed to set up a joint strategic investment vehicle to accelerate the development of identified exploration assets across Nigeria, to drive rapid exploration, development, and production of selected exploration leases upon the execution of a successful exploration campaign.”

Mrs Shinkafi signed the deal on behalf of the federal government, while Mr Franklin Edochie, deputy director and head of metals and mining at AFC, signed for the corporation.

The statement added that Mrs Samaila Zubairu, president and chief executive officer of AFC, witnessed the ceremony alongside the minister.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Tinubu Leaves Nigeria Saturday for France, Kenya, Rwanda

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President Tinubu renewed hope ambassadors

By Modupe Gbadeyanka

President Bola Tinubu will on Saturday, May 2, 2026, leave Nigeria for a three-nation trip, a statement issued by his Special Adviser on Information and Strategy, Mr Bayo Onanuga, said.

In the notice issued on Friday night, it was disclosed that Mr Tinubu would visit France, after which he would depart for Nairobi, Kenya, to attend the Africa-France Summit scheduled to begin next week.

Co-chaired by President Emmanuel Macron of France and President William Ruto of Kenya, the summit focuses on energy transition, green industrialisation, digital transformation, restructuring of global financing architecture, and climate action.

President Tinubu’s participation at the summit from May 11 to May 12. will underscore Nigeria’s unwavering commitment to strengthening strategic partnerships with African nations and the French Republic.

The summit, with the theme Africa Forward: Africa-France Partnerships for Innovation and Growth, will provide a high-level platform for African leaders and their French counterparts to deliberate on critical issues affecting the continent, including economic transformation, climate resilience, infrastructure development, youth empowerment, technological advancement, and peace-building initiatives.

At the end of the Kenyan summit, President Tinubu will depart for Kigali, Rwanda, to attend the annual Africa CEO Forum, taking place between May 14 and 15.

With the theme Scale or Fail, this year’s Africa CEO Forum will be the largest gathering of African private sector leaders, investors, and policymakers, focusing on accelerating economic transformation through shared scale, regional integration, and increased cross-border investment.

 Held in partnership with the International Finance Corporation (IFC), the summit brings together over 2,000 top executives and national leaders to debate strategies for building resilient, competitive industries.

At the two summits, the Nigerian leader will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.

President Tinubu will be accompanied on the trip by some of his ministers and senior aides. He will return to Nigeria at the end of the Rwanda summit.

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NEC Approves 112 as National Emergency Response Lifeline

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112 emergency number

By Adedapo Adesanya

The National Economic Council (NEC) has approved the adoption of 112 as the national emergency number at all levels and across relevant agencies.

It is part of measures to strengthen Nigeria’s emergency lifeline and build a unified and coordinated national response to emergencies.

The council also approved the establishment of a multi-agency implementation committee and programme coordination led by the Office of the Vice President and the National Communications Commission (NCC).

The approval was part of decisions taken at the 157th meeting of the NEC held virtually and chaired by Vice President Kashim Shettima.

Mr Shettima said the 112 emergency lifeline had become necessary to prevent delay caused by bureaucratic bottlenecks, noting that what the citizens seek urgently when confronted by a natural disaster or insecurity is an urgent response and not bureaucracy.

“This is not only a technical reform. It is a test of the state’s humanity. In moments of fire, accident, robbery, medical emergency, flood, violence, or panic, citizens do not need bureaucracy.

“They need a response. They need to know one number to call, one system to trust, and one coordinated chain of action that moves quickly enough to save lives,” he stated.

He explained that while Nigeria is not beginning from zero, as the emergency number had been in existence, what is required at the moment “is coordination, adoption, standard operating procedures, public awareness, institutional ownership, and trust”.

The vice president described NEC as the nation’s economic engine room, where the federal government and the states must convert the Renewed Hope Agenda of President Bola Tinubu into practical outcomes.

“We cannot build our way to a one-trillion-dollar economy by federal effort alone. We cannot create millions of jobs by speeches alone.

“We cannot expand exports, attract investment, secure communities, or unlock productivity unless every tier of government understands its role and performs it with urgency,” the VP noted.

Mr Shettima noted that the council will continue to focus on decisions that would have a positive impact on the lives of Nigerians.

“History will not ask how many meetings we held. It will ask what changed because we met.

“It will ask whether our decisions reached the farmer, the manufacturer, the artist, the investor, the accident victim, the unemployed graduate, and the child waiting to inherit the country we are rebuilding.”

NEC also received a presentation on the rehabilitation of police training institutions across the country from its ad hoc committee led by Governor Peter Mbah of Enugu State, and commended the ad hoc committee for the work done so far.

It also called on the Ministry of Finance to expedite the release of the balance of approved funds for the take-off of the project and urged the committee to ensure national spread by capturing training institutions in each geopolitical zone in the first phase of the intervention.

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Supreme Court Affirms David Mark’s Leadership of ADC

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david mark adc chairman

By Modupe Gbadeyanka

The Supreme Court has recognised Mr David Mark as the National Chairman of the African Democratic Congress (ADC).

In a judgment on Friday, the apex court restored the leadership of the former Senate President, after an appellate court had ordered a status quo ante bellum.

The Supreme Court held that the decision of the Appeal Court on status quo ante bellum was improper and unwarranted.

It also refused to uphold the preliminary objections by counsel to Mr Nafiu Bala, who is challenging the leadership of Mr Mark, directing that the suit should head back to the trial court for determination. Mr Bala went to court to seek an ex parte to stop Mr Mark and his team from parading themselves as leaders of the opposition party.

The ADC, which was asked to put on notice to explain why the injunction should not be given, appealed the matter, but the parties were asked to maintain the status quo ante bellum. This was interpreted to mean the ADC was without a leader.

The matter went to the apex court, which decided it today, affirming Mr Mark as the party’s chairman, which seeks to eject President Bola Tinubu from Aso Rock via the 2027 presidential election.

Mr Bala, a former vice chairman of the party, was said to have resigned his position to pave the way for Mr Mark and others, who joined the party from the People’s Democratic Party (PDP) and the Labour Party (LP).
However, he claimed he did not resign and that his signature was forged, seeking the court’s help to install him as the party’s chairman, based on ADC’s constitution, according to him.

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