A consortium of leading African and Nigerian financial institutions — including the African Export-Import Bank (Afreximbank), Africa Finance Corporation (AFC), Access Bank, First Bank of Nigeria, and Zenith Bank — has pledged financing for the Dangote Group’s $2.5 billion fertiliser project in Gode, Ethiopia.
The facility, a partnership between Dangote Group and Ethiopian Investment Holdings, is expected to produce three million metric tonnes of urea fertiliser annually when completed.
It will be one of the largest fertiliser complexes in the world, strengthening food security and supporting agricultural productivity across East Africa.
The participation of Afreximbank, AFC, and Nigerian commercial banks represents a coordinated effort to mobilise regional capital for transformative infrastructure and industrial projects within Africa.
According to a statement from the Dangote Group, the financial institutions’ involvement highlights growing confidence in Dangote’s proven track record of executing multi-billion-dollar industrial ventures across the continent, including the Dangote Refinery, Obajana Cement Plant, and Lagos Fertiliser Complex.
Analysts say the joint financing structure signals the deepening of Africa’s intra-continental financial cooperation, as development banks and private lenders increasingly back projects that enhance self-sufficiency and value addition.
By leveraging African capital and technical expertise, the initiative aligns with the continent’s broader industrialisation agenda under the African Continental Free Trade Area (AfCFTA) framework.
Located in Ethiopia’s south-east Gode region, the $2.5 billion complex will utilise the country’s Hilal and Calub natural gas reserves as feedstock to produce urea and related fertiliser products.
The project is expected to generate thousands of jobs, expand Ethiopia’s export capacity, and reduce dependence on imported fertiliser, thereby improving the nation’s agricultural productivity and food security.
Speaking at the groundbreaking ceremony, Ethiopian Prime Minister Abiy Ahmed described the investment as a “symbol of partnership, cooperation, and peace,” and reaffirmed his administration’s commitment to private-sector participation in driving Ethiopia’s economic transformation.
Aliko Dangote, President and Chief Executive of the Dangote Group, said the partnership with Ethiopian Investment Holdings represents a significant step in the company’s continental expansion drive.
He noted that the Group’s experience in managing complex projects and its integrated operations in Nigeria — ranging from cement to fertiliser and refining — will ensure that the Ethiopian venture becomes a cornerstone of the region’s industrialisation.
“This partnership represents our shared vision to industrialise Africa through collaboration and innovation,” Dangote said. “We are leveraging African resources and expertise to create value on the continent and build the foundation for food security and sustainable growth.”
He added that within five years, Ethiopia could become one of Africa’s leading agricultural nations, supported by domestic fertiliser production and expanded manufacturing capacity.