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🔵Nigeria: 30-Year Old Story Repeats Itself🔵 Nigeria signed a $1.3 billion pact to build a new alumina refinery — despite having already lost one due to power shortages 🌐 The deal with Africa Finance Corporation, a development finance institution, includes the development of an alumina refinery designed to process 1 million tonnes of bauxite a year and run on a gas-fired cogeneration plant for steam and power. 🔸 The same statement projects 20 years of operation at 95% utilisation and total output of 19 million tonnes of alumina, plus $1.2 billion a year added to GDP and $8 billion in foreign exchange earnings across the project’s life. 🔸In the 1990s, Nigeria had already built an aluminum plant, ALSCON, which was also supposed to produce crazy amounts of aluminum. After that, it turned out that there was not enough power to operate from the national grid, and a local plant couldn't produce it due to gas shortages. Nigeria is full of industrial plants that the government has built forgetting about power or infrastructure — against the background of constant blackouts due to the debts and lack of gas supply, I assume that building new ones wouldn't really help. #News ✈️ Stay informed - @devilsbelow