The Dangote Group and Africa Finance Corporation (AFC) have deepened their strategic partnership with the signing of a $600 million financing agreement aimed at expanding fertiliser production capacity in Nigeria.
They will also establish a major manufacturing facility in Ethiopia, a move expected to bolster Africa’s food security and reduce the continent’s dependence on imported agricultural inputs.
The financing facility, provided to Greenview Fertiliser Corporation (Greenview), Dangote’s fertiliser holding company, will support the expansion of the Dangote Fertilizer Plant in Ibeju-Lekki, Lagos State, and contribute to the development of a new fertiliser facility in Ethiopia as part of a broader $7 billion expansion programme.
The investment is projected to increase Dangote Fertilizer’s production capacity in Nigeria from three million metric tonnes per annum (MTPA) to nine million MTPA, while also adding a new three million MTPA urea fertiliser plant in Ethiopia.
The expansion programme is expected to strengthen regional food security, improve agricultural productivity, enhance supply chain efficiency and position Africa as a stronger supplier to international fertiliser markets.
AFC said the latest transaction reflects its commitment to supporting transformative industrial projects capable of delivering long-term economic benefits across the continent.
The corporation noted that despite possessing vast natural gas reserves and nearly a quarter of the world’s uncultivated arable land, Africa remains heavily dependent on imported fertiliser, making local production expansion critical to achieving agricultural resilience and food security.
The facility also underscores AFC’s continued confidence in Dangote Group’s industrialisation agenda and follows a series of previous collaborations between both organisations.
AFC had earlier served as Co-Coordinating Bank on the $3 billion syndicated financing package for the Dangote Refinery and recently received full repayment of its initial $300 million senior term loan to Dangote Industries Limited, which supported the refinery project during its development phase.
Speaking on the latest financing arrangement, President of Dangote Group, Aliko Dangote, said the investment would significantly boost export earnings while strengthening Nigeria’s foreign exchange position.
