Africa’s richest man, Aliko Dangote, has sealed a multibillion-dollar agreement with the Ethiopian government to establish a fertilizer plant aimed at boosting the country’s agriculture-driven economy.
Under the terms of the deal, Dangote will own 60% of the facility, which is estimated to cost $2.5 billion and will be located in Ethiopia’s eastern Somali region. The agreement was officially signed in Addis Ababa on Thursday.
The remaining 40% of the shares will be held by the state-owned Ethiopian Investment Holdings, reflecting a strategic partnership between the Dangote Group and the Ethiopian government.
Officials say the plant will play a transformative role in supporting Ethiopia’s farm-dependent economy, improving agricultural productivity, and reducing reliance on imported fertilizers.
Dangote, whose conglomerate already has significant investments in cement, sugar, and other industries across Africa, described the deal as a major step toward strengthening intra-African investment and industrialization.