Mr. Aliko Dangote, Africa’s richest person, says he is planning to set up fertilizer factory in Eastern part of Ethiopia Somali region by investing $3 billion.
In his social media post this week, the Nigerian tycoon said: “I am honored to announce a $3 billion strategic agreement with the Ethiopian government to build a world-class fertilizer plant in Gode, Somalia.” “This project is not just an investment; it is a strong commitment to Ethiopia’s agricultural self-sufficiency and regional economic integration. Given the country’s supply challenges, including a high dependence on imports from Morocco and Russia, urgent action was needed,” said Aliko Dangote, President & CEO, Dangote Group.
Dangote has been one of the major players in cement industry of Ethiopia over the past several years. Africa’s top industrialists Dangote’s entrepreneurial journey began with a small trading firm in the late 1970s, which he initially funded with a $3,000 loan from his grandfather.
“Our goal is clear: to locally produce urea and nitrogen fertilizers to meet the needs of Ethiopian farmers while stimulating growth throughout East Africa. The city of Gode, located on the strategic Ethiopia-Djibouti axis, will become a new industrial hub, in line with Prime Minister Abiy Ahmed’s vision and the ambitions of the Homegrown Economic Reform II (HGER II) program,” the billionaire said.
“At Dangote Industries, we believe in the continent’s potential. Following our success in the cement sector in Ethiopia, this new initiative marks a decisive step in our expansion in East Africa. Africa must feed Africa. Together, we will strengthen food security, create jobs, and build a prosperous future for generations to come,” he posted.
Over the past decades Dangote Group has been active in 17 African countries investing in several sectors including cement manufacturing, sugar milling, sugar refining, port operations, packaging material production and salt refining.
