Market News
Nigeria’s Dangote and Ethiopia to build $2.5 billion fertiliser plant - REUTERS
ADDIS ABABA, Aug 28 (Reuters) – Ethiopia has signed an agreement with Nigeria’s Dangote Group to build a $2.5 billion fertiliser manufacturing plant, Prime Minister Abiy Ahmed said on Thursday in a post on social media platform X.
The investment is part of Nigerian billionaire Aliko Dangote’s efforts to end Africa’s fertiliser imports.
To be located in Gode town in Ethiopia’s southeast, the plant will produce 3 million metric tons of fertiliser a year, Abiy said.
The agreement was signed by state-owned Ethiopian Investment Holdings (EIH) and Dangote Group.
Ethiopia will have a 40% stake in the venture while Dangote Group will own 60%, EIH Chief Executive Brook Taye said at the signing ceremony in Addis Ababa.
An EIH statement on X quoted billionaire Dangote as saying that the investment represented a “shared vision to industrialise Africa and achieve food security across the continent”.
(Reporting by Dawit Endeshaw; Writing by Elias Biryabarema; Editing by David Goodman)
