The Africa Finance Corporation (AFC) has approved a $600 million loan to support Aliko Dangote’s $7 billion fertilizer expansion strategy across Nigeria and Ethiopia. The investment will help triple annual output at the Dangote Fertiliser Plant in Lagos from 3 million to 9 million metric tons and add a further 3 million tons of capacity in Ethiopia. Once completed, the combined platform will produce 12 million tons annually, positioning Dangote to challenge global leaders in urea production. The billionaire says the expansion could generate more than $4 billion in annual export earnings for Nigeria within three years, strengthening the country’s non-oil foreign exchange base. The project also aims to reduce Africa’s dependence on imported fertilizer, improve food security, and shield farmers from global supply disruptions that have previously driven up agricultural costs across the continent.
Business Insider Africa