ABUJA - Nigeria has signed ​a $1.3 billion investment ⁠deal with Africa Finance ‌Corporation (AFC) to build an alumina refinery and fund ​nationwide mineral exploration, the government said late ​on Sunday, in ​one of the country's biggest private-sector mining deals.

The pact, signed ⁠through the Solid Minerals Development Fund, covers the building of the refinery, the launch of a nationwide ​mineral ‌mapping programme ⁠and the ⁠creation of an investment vehicle to fast-track ​exploration.

Mines Minister Dele ‌Alake said the "landmark deal" ⁠will help speed up President Bola Tinubu's plans to boost mining revenue and cut reliance on oil.

The refinery will process 1 million metric tons of bauxite annually, powered by a gas-fired energy ‌plant for steam and power. At 95% ⁠utilisation over 20 years, ​it is expected to produce about 19 million tons of alumina, ​Alake ‌said.

(Reporting by Camillus Eboh; ⁠Writing by Elisha ​Bala-Gbogbo; Editing by Kirsten Donovan)