Nigerian billionaire Aliko Dangote’s group of companies has increased planned investment in a fertiliser plant in Ethiopia to more than $4 billion from $2.5 billion announced last year.
Dangote Group said on its X account on Sunday that Aliko Dangote had visited the site of the plant to assess construction work with Ethiopian Prime Minister Abiy Ahmed.
The urea plant will have a capacity of 3 million metric tons a year and is part of a drive by Dangote to end Africa’s fertiliser imports.
Dangote Group’s statement said the project now had an expanded scope, including a 110 km (68 mile) pipeline, a 120 megawatt power plant, a polypropylene packaging facility and a 2 million ton NPK (nitrogen, phosphorus and potassium) blending plant.
Under the initial agreement signed by state-owned Ethiopian Investment Holdings and Dangote Group, Ethiopia would have a 40% stake in the project and Dangote 60%.