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Nigerian Aliko Dangote, one of Africa’s richest businessmen, has signed an agreement with the Ethiopian government for the construction of a 2.5 billion dollars fertilizer plant.
According to the agreement signed in Addis Ababa, the Ethiopian capital, Dangote will own 60 percent of the plant, while the state-owned Ethiopian Investment Holdings (EIH) will own 40 percent.
The plant will be built in the Somali region in eastern Ethiopia.
The project, scheduled to be completed in approximately 40 months, will have an annual fertilizer production capacity of 3 million tonnes.
The plant will be connected via pipeline to the Calub and Hilala natural gas fields in the southeast of the country.
In a statement, EIH announces that the plant to be cost 2.5 billion dollars will reduce Ethiopia’s dependence on fertilizer imports, strengthen domestic production, and alleviate pressure on foreign exchange.
Ethiopian Prime Minister Abiy Ahmed described the agreement as “a historic step towards the country’s food security goals.”
Ahmed said, “This project will help our farmers overcome the long-standing challenges they have faced, create jobs, and be a decisive step towards food sovereignty.”
Pointing out that his partnership with Ethiopian Investment Holdings is a critical milestone in their shared vision of industrializing Africa, Dangote noted, “We aim to achieve food security across the continent.”
