Dangote Group is targeting to raise over $4 billion annually from fertiliser exports within the next three years, thanks to a major expansion programme.
The company has secured a $600 million loan facility from the Africa Finance Corporation (AFC) to support the expansion of its fertiliser production capacity in Nigeria and the development of a new plant in Ethiopia.
The expansion plan involves increasing urea fertiliser production capacity in Nigeria from 3 million metric tonnes per annum (MTPA) to 9 MTPA, while adding a new 3 MTPA urea plant in Ethiopia.
This move is expected to strengthen Nigeria and Africa’s food security, support agricultural productivity, and reduce dependence on imported fertilisers.
Aliko Dangote, president of the Dangote Group, stated that the expansion would generate substantial foreign exchange earnings for Nigeria.
“This investment positions us to deliver over $4 billion annually in fertiliser exports within the next three years.” “It represents
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