Nigerian billionaire Aliko Dangote has raised planned investment in an Ethiopian fertiliser plant to more than $4 billion, up from $2.5 billion announced last year.
Dangote Group said on Sunday that the billionaire visited the project site with Ethiopian Prime Minister Abiy Ahmed to review construction progress.
The urea plant is designed to produce 3 million metric tons per year and forms part of Dangote’s push to reduce Africa’s reliance on imported fertiliser. The expanded project now includes a 110 km pipeline, a 120 megawatt power plant, a polypropylene packaging facility, and a 2 million-ton NPK blending plant.
Under the original deal between Dangote Group and state-owned Ethiopian Investment Holdings, Ethiopia holds a 40% stake while Dangote holds 60%.
The investment scale-up signals growing confidence in the project as Dangote expands its fertiliser operations across the continent.
