The Ethiopian government said it has signed a $2.5 billion fertiliser complex shareholder investment agreement with Dangote Group.
In a statement yesterday, Abiy Ahmed Ali, the Ethiopian prime minister, said the mega project will produce about three million metric tons of fertiliser every year.
“Congratulations to all Ethiopians on another milestone in our journey toward food security and agricultural transformation. Today, we signed the Fertilizer Complex Shareholder Investment Agreement between Ethiopian Investment Holdings and Dangote Group,” he said.
“With an investment of $2.5 billion, this mega project will produce up to 3 million metric tons of fertilizer annually, placing Ethiopia among the largest producers globally.
“This project will create jobs locally, ensure a reliable fertilizer supply for our farmers who have long faced challenges, and mark a decisive step in our path to food sovereignty.”
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Abiy said it enhances Ethiopia’s competitiveness across Africa and demonstrates the country’s commitment to making strategic investments that benefit Ethiopians and secure their future.
The prime minster added that the plant which is to be located in Gode town in Ethiopia’s southeast, will produce 3 million metric tons of fertiliser per annum
The agreement was signed by state-owned Ethiopian Investment Holdings (EIH) and Dangote Group.
Based on the agreement, Ethiopia will have a 40 percent stake in the venture while Dangote Group will own 60 percent, EIH Chief Executive, Brook Taye, said at the signing ceremony in Addis Ababa.