The Federal Government of Nigeria and the African Finance Corporation have signed a $1.3 billion investment agreement to support mining projects and strengthen infrastructure in the country’s extractive sector, the Minister of Solid Minerals Development said on Friday.
The solid minerals sector in Nigeria has been identified as a key area for economic diversification, with ongoing efforts by the government to attract investment and increase production of non‑oil resources.
The African Finance Corporation is a multilateral financial institution focused on infrastructure and industrial projects across Africa.
Minister of Solid Minerals Development Mr. Dele Alake announced in Abuja that the agreement was signed between the Federal Government and the AFC.
He said the deal will facilitate financing for mining infrastructure and projects deemed critical to enhancing the sector’s contribution to the national economy.
Alake said the signing event took place at the ministry’s headquarters and was attended by senior officials from the Federal Government and representatives of the AFC.
The minister said the agreement will provide funding for strategic projects within the mining industry, including development of infrastructure that supports industrial mining operations.
Alake said the investment package aims to unlock value in Nigeria’s solid minerals endowment and create opportunities for increased output and private sector participation.
He noted that the deal complements ongoing reforms in the sector and aligns with the government’s agenda to strengthen non‑oil revenue streams.
The agreement is expected to facilitate the mobilisation of private investment into Nigeria’s mining sector and support infrastructure development.
Implementation of projects under the investment deal will follow regulatory and project planning processes determined by the ministry and its partners.
