Things are going well for the Dangote Group in Ethiopia. The Nigerian conglomerate, owned by Aliko Dangote, has signed a $2.5 billion investment agreement with the state-owned Ethiopian Investment Holdings (EIH) for the construction of a fertilizer manufacturing plant. At least, that's what Ethiopian Prime Minister Abiy Ahmed stated on Thursday, August 28, in a message posted on X.

Located in the southeastern town of Gode, the plant will produce 3 million tonnes of fertilizer annually, Abiy said.

“Industrialize Africa and achieve food security across the continent”

According to Nigerian billionaire Aliko Dangote, the investment represents a "shared vision to industrialize Africa and achieve food security across the continent." Ethiopia will hold a 40% stake in the plant. The remaining 60% will be held by the Dangote Group, Brook Taye, CEO of EIH, said at the signing ceremony in Addis Ababa, Reuters reports.

According to the Ethiopian Prime Minister, this project will place his country among the world's largest fertilizer producers.

Dangote had declared that Africa would be self-sufficient in fertilizers within 40 months.

It will "create local jobs, ensure a reliable supply of fertilizers for our long-struggling farmers, and mark a decisive step forward in our vision for food sovereignty," he added.

Last June, Aliko Dangote declared that Africa would be self-sufficient in fertilizers within 40 months. A month earlier, he also indicated that Dangote Industries Limited (DIL) was targeting a daily revenue of $7 million from fertilizer sales over the next two years.