The Dangote Group has secured a $600 million loan from the Africa Finance Corporation to expand its fertiliser production capacity, a move aimed at boosting food security across Nigeria and Africa.
The loan facility, granted to GreenView Fertilizer Corporation, the holding company of Dangote Fertilizer, will partly finance the expansion of the company’s urea production facilities in Nigeria and support the development of a new fertiliser plant in Ethiopia.
The investment forms part of Dangote Group’s broader $7 billion fertiliser expansion programme, which seeks to increase production capacity in Nigeria from three million metric tonnes per annum to nine million metric tonnes, while also establishing a new three-million-metric-tonne urea plant in Ethiopia.
The expansion is expected to significantly boost Africa’s fertiliser production capacity, improve agricultural productivity, strengthen food security and reduce the continent’s dependence on imported fertiliser.
The financing also reflects AFC’s continued support for Dangote Group’s large-scale industrial and agricultural investments across the continent.
The funds will be deployed to expand the Dangote Fertilizer Plant in Ibeju-Lekki, Lagos State, one of the world’s largest granulated urea fertiliser complexes.
The company said the expansion would increase production, improve supply chain efficiency and ensure a steady supply of high-quality fertiliser to farmers across Africa. It is also expected to reduce fertiliser imports, stabilise prices and improve crop yields.
President of Dangote Group, Aliko Dangote, said the expansion project is projected to generate more than $4 billion annually in export earnings within the next three years.
According to him, the additional foreign exchange earnings would make a significant contribution to Nigeria’s economy.
President and Chief Executive Officer of AFC, Samaila Zubairu, said the transaction demonstrates the corporation’s commitment to reinvesting in proven African businesses capable of driving industrial growth and creating long-term economic value.
He noted that supporting Dangote Fertilizer’s expansion would strengthen food security and reduce import dependence across the continent.
The Dangote Fertilizer Plant currently meets a significant portion of Nigeria’s domestic fertiliser demand while exporting to international markets and generating foreign exchange earnings. The planned expansion is expected to further strengthen its position in the global fertiliser market.
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