CBN Acquires Local Gold to Lift Reserves 

  Nigeria’s foreign reserves received a notable addition as the Central Bank of Nigeria incorporated responsibly sourced gold refined to international standards, elevating its total gold holdings to $3.5 billion and advancing efforts to diversify away from traditional assets amid global economic shifts. The move, part of an ongoing reserve diversification strategy, involves gold aggregated…

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Nigeria Secures $1.3bn Alumina Deal to Revive Mining Sector

Nigeria Secures $1.3bn Alumina Deal to Revive Mining Sector

The Federal Government has signed a landmark $1.3 billion agreement with the Africa Finance Corporation (AFC) to build a massive alumina refinery. This project, coordinated through the Solid Minerals Development Fund (SMDF), marks the largest private investment in Nigeria’s mining history. The facility aims to process one million tonnes of bauxite ore annually using the…

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