The Dangote Group says it has strengthened its strategic partnership with the Africa Finance Corporation with the signing of a $600m loan agreement to support the expansion of its fertiliser production capacity to boost food security across Nigeria and Africa.
In a statement on Monday, the Dangote Group said the loan facility to GreenView Fertiliser Corporation, the Dangote Fertiliser Holding Company, will partly finance the expansion of its urea fertiliser production capacity in Nigeria and the development of the plant in Ethiopia.
The investment, it was said, forms part of Dangote Group’s broader $7bn fertiliser expansion programme, which is expected to increase Dangote Fertiliser’s production capacity in Nigeria from three million metric tonnes per annum to 9 MTPA, while also supporting the development of a new 3 MTPA urea fertiliser plant in Ethiopia.
The programme is expected to materially expand Africa’s fertiliser production capacity, strengthen regional food security, support agricultural productivity, and reduce the continent’s dependence on imported fertiliser.
“The financing underscores AFC’s continued confidence in Dangote Group’s vision to drive industrial growth and agricultural transformation through large-scale investments in critical infrastructure.
