The Dangote Group has strengthened its partnership with the Africa Finance Corporation (AFC) through a $600 million loan agreement aimed at expanding fertiliser production capacity in Nigeria and supporting a new fertiliser project in Ethiopia.
The funding, provided to GreenView Fertilizer Corporation, the holding company of Dangote Fertilizer, forms part of the group’s wider $7 billion fertiliser expansion programme. The initiative is expected to increase production capacity in Nigeria from three million metric tonnes per annum to nine million metric tonnes annually, while also supporting the development of a new three-million-metric-tonne urea plant in Ethiopia.
The expansion is designed to boost fertiliser availability across Africa, strengthen food security, improve agricultural productivity and reduce dependence on imported fertiliser products.
A significant portion of the financing will be invested in the expansion of the Dangote Fertilizer Plant located in Ibeju-Lekki, Lagos State, one of the world’s largest granulated urea fertiliser complexes. The company said the project would improve supply chain efficiency and ensure a more reliable supply of fertiliser to farmers across the continent.
President of Dangote Group, Aliko Dangote, said the expansion could generate more than $4 billion annually in export earnings within the next three years, contributing significantly to Nigeria’s foreign exchange revenue.
AFC President and Chief Executive Officer, Samaila Zubairu, described the transaction as a demonstration of the corporation’s commitment to supporting African industrial growth, food security and long-term economic development.
The Dangote Fertilizer Plant currently serves both domestic and international markets, and the planned expansion is expected to further strengthen its position in the global fertiliser industry.