Nigeria has taken a major step toward revitalising its mining industry with the signing of a landmark funding agreement between the Africa Finance Corporation and the Solid Minerals Development Fund.

The partnership will jointly finance three key mining projects, headlined by a proposed 1.3 billion dollar alumina refinery. The initiative is aimed at strengthening Nigeria’s solid minerals value chain and reducing reliance on raw mineral exports.

Minister of Solid Minerals Development, Dele Alake, said the agreement reflects the Federal Government’s resolve to unlock the country’s vast mineral resources in a sustainable and commercially viable manner.

According to the minister, the collaboration is expected to generate employment opportunities, enhance technology transfer, increase foreign exchange earnings, and contribute significantly to GDP growth.

He emphasised that the government remains focused on ensuring strong capitalisation, adherence to international best practices, and long-term sustainability as it works to position the mining sector as a critical pillar of Nigeria’s economic diversification drive.