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INTRODUCTION
The Nigerian Mining Industry is emerging as one of the foremost sectors contributing to the economic diversification and industrial development of the Nigerian economy.
To fully harness this potential and reform the sector, the Minister of Solid Minerals Development, Dr Dele Alake, launched a Seven-Point Agenda for the sector.
In furtherance of this, the Federal Government has launched new programmes, entered beneficial partnerships, and collaborated on projects aimed at restoring discipline in licensing, promoting investment, strengthening
compliance, improving transparency, and advancing value addition/beneficiation. Against this backdrop, this newsletter has identified five (5) industry updates which cut across the first half of the year 2026 and are considered to be pivotal to the sector and its positioning in Nigeria and globally.
1. AFC-SMDF PARTNERSHIP
In March 2026, the Africa Finance Corporation (AFC) and the Federal Government of Nigeria through the Solid Minerals Development Fund (SMDF) signed a Memorandum of Understanding to jointly fund three (3) projects.
The projects are:
1. The construction of a $1.3 billion alumina refinery, estimated to generate 1 million tonnes of bauxite ore per annum, utilizing a modern Bayer-process flowsheet with an on-site gas-fired cogeneration plant for steam and power.
2. A comprehensive geoscience mapping exercise.
3. An investment vehicle to realise the delivery of the refinery and geoscience mapping exercise.
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