The Dangote Group has secured a $600 million loan facility from the Africa Finance Corporation (AFC) to accelerate the expansion of its fertiliser production capacity in Nigeria and Ethiopia, a move expected to generate more than $4 billion annually in foreign exchange earnings for Nigeria within the next three years.
The financing, granted to GreenView Fertilizer Corporation, the Dangote Fertiliser Holding Company, will support the expansion of urea production at the company’s Ibeju-Lekki plant in Lagos and the development of a new fertiliser facility in Ethiopia.
The investment forms part of the Dangote Group’s broader $7 billion fertiliser expansion programme aimed at boosting Africa’s fertiliser production and strengthening food security across the continent.
Under the expansion plan, production capacity in Nigeria is expected to rise from three million metric tonnes per annum (MTPA) to nine million MTPA, while a new three million MTPA urea plant will be established in Ethiopia.
The AFC said the facility demonstrates its confidence in the Dangote Group’s industrial growth strategy and commitment to agricultural transformation through large-scale investments.
According to the corporation, the funding will primarily support the ongoing expansion of the Dangote Fertiliser Plant at Ibeju-Lekki, one of the world’s largest granulated urea fertiliser complexes.
The expansion is expected to improve production efficiency, strengthen supply chains and ensure steady availability of fertilisers to farmers across Africa. It is also projected to help stabilise prices, reduce dependence on imports and improve agricultural productivity.
President of Dangote Group, Aliko Dangote said the project would significantly enhance Nigeria’s foreign exchange earnings while reinforcing the company’s commitment to economic development.
“This investment positions us to deliver over $4 billion annually in fertiliser exports within the next three years. It represents a major contribution to Nigeria’s foreign exchange earnings and underscores our commitment to national economic growth,” Dangote said.
He added that the company’s growth strategy is being driven in partnership with African institutions committed to the continent’s development.
Also speaking on the transaction, AFC President and Chief Executive Officer, Samaila Zubairu, described the deal as a demonstration of the corporation’s capital recycling model.
According to him, AFC is reinvesting capital recovered from an earlier investment in Dangote Industries Limited into the group’s next phase of growth.
“By supporting the expansion of Dangote Fertilizer, AFC is backing a proven African industrial leader whose investments will strengthen food security, reduce import dependence and create long-term economic value across the continent,” Zubairu said.
The Dangote Fertiliser Plant currently supplies the domestic market and exports to several international destinations, contributing to Nigeria’s foreign exchange earnings.
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