The Tinubu Media Volunteers (TMV) has applauded the landmark deal sealed between the federal government and the Africa Finance Corporation to jointly fund three projects under a $1.3 billion alumina project.
The group said in a statement signed by its Chairman Chukwudi Enekwechi and Secretary Segun Ogedengbe that the project will expand and rejuvenate the solid minerals sector in the country.
“We note that the Memorandum of Understanding is the result of discussions between the Africa Finance Corporation and the Solid Minerals Development Fund to jointly fund the construction of a $1.3 billion alumina refinery that is meant to generate 1 million tonnes of bauxite ore per annum.
“It will also utilize a modern Bayer-process flowsheet with an on-site gas-fired cogeneration plant for steam and power.
“We are confident that the deal will transform the mining sector and increase its contribution to the country’s Gross Domestic Product (GDP).
“From all indications this will be Nigeria’s largest private investment as well as a foreign direct investment that has the potential to contribute $1.2 billion to the country’s GDP yearly and over $25 billion to the national economy in its lifecycle, as well as $8 billion in foreign exchange earnings.
“It is also gratifying that the project will not only be competitive but will also be viable thereby helping to position Nigeria as a globally competitive solid minerals hub.
“We consider it as a true application of the federal government’s diversification programme,” it added.
The group is convinced that the deal will create more jobs and help in the revival of dormant mining sites across the country, with the attendant economic gains to the country.
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