The project aims to replicate the success of Dangote’s plant in Nigeria, which has turned the country into a fuel-producing powerhouse amidst a global energy crisis.

The move signals the possibility of an easing cycle next year, analysts said.

The investment framework is the latest step in Abuja’s push to compete for investment dollars flowing into Africa’s minerals sector.

Digital economy and communications minister Bosun Tijani told Semafor the project — initially slated to take five years — is at the core of Nigeria’s plan to harness the power of the internet.