Project to contribute $1.2bn to GDP annually, over $25bn to Nigeria’s economy Set to generate $8bn in foreign exchange earnings Emmanuel Addeh and Folalumi Alaran in Abuja Africa Finance Corporation (AFC) and the federal government through the Solid Minerals Development Fund (SMDF) have signed a Memorandum of Understanding (MoU) to jointly fund three projects: a $1.3 billion alumina project, a comprehensive geoscience mapping exercise, and an investment vehicle to realise the goals. Alumina is a white solid that is a major constituent of many rocks, especially clays, and is found crystallised as corundum, sapphire, and other minerals. The MoU, a statement from the ministry said, is the climax of talks between AFC and SMDF to jointly fund the construction of a $1.3 billion alumina refi...