By Anifowoshe Oladipupo
Africa’s richest man, Aliko Dangote, has signed a $2.5 billion agreement with the Ethiopian government to establish a major fertilizer plant that is expected to transform the country’s agricultural sector.
The deal, concluded in Addis Ababa, gives Dangote a 60% stake in the venture, while the state-owned Ethiopian Investment Holdings (EIH) will hold the remaining 40%.
The plant, to be built in Ethiopia’s eastern Somali region, will produce 3 million tons of fertilizer annually. It is projected to cut Ethiopia’s reliance on foreign imports, which cost the nation more than $1 billion each year.
Ethiopian Prime Minister Abiy Ahmed described the project as a milestone toward food sovereignty and job creation.
Dangote, who already operates a 3 million-ton fertilizer facility in Nigeria, said the investment underscores his commitment to industrializing Africa and addressing food security challenges. The plant is expected to be completed within 40 months.
