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Dangote Group and Africa Finance Corporation (AFC) have signed a $600 million financing agreement to expand fertilizer production capacity in Nigeria and establish a large manufacturing platform in Ethiopia.
The financing facility, awarded to Greenview Fertilizer Corporation (Greenview), Dangote Fertilizer Holding Company, will support the expansion of the Dangote Fertilizer Plant in Ibeju-Lekki, Lagos State, and contribute to the development of a new fertilizer facility in Ethiopia as part of a broader $7 billion expansion program.
This investment is projected to increase Dangote Fertilizer production capacity in Nigeria from three million metric tons per year (MTPA) to nine million MTPA, while also adding a new urea fertilizer factory of three million MTPA in Ethiopia.
This expansion program is expected to strengthen regional food security, increase agricultural productivity, increase supply chain efficiency and position Africa as a stronger supplier to international fertilizer markets.
AFC said this latest transaction reflects its commitment to supporting transformative industrial projects capable of delivering long-term economic benefits across the continent.
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The company noted that despite having large natural gas reserves and almost a quarter of the world’s uncultivated arable land, Africa still relies heavily on imported fertilizers, so expanding local production is critical to achieving agricultural resilience and food security.
AFC previously served as Co-Coordinating Bank on a $3 billion syndicated financing package for the Dangote Refinery and recently received full repayment of a $300 million senior term loan to Dangote Industries Limited, which supported the refinery project during its development phase.
Speaking on the latest financing arrangement, President of Dangote Group, Aliko Dangote, said the investment will significantly increase export earnings while strengthening Nigeria’s foreign exchange position.
Commenting on the transaction, AFC President and Chief Executive Officer, Samaila Zubairu, said the financing demonstrates the company’s strategy of moving capital to projects capable of delivering significant development impact across Africa.
