Africa Finance Corporation (AFC) has announced a USD 600 million financing facility to Greenview Fertiliser Corp., Dangote Group’s fertiliser holding company, to support the group’s fertiliser expansion programme in Nigeria and Ethiopia.
The facility forms part of Dangote Group’s wider USD 7 billion fertiliser expansion plan, which aims to significantly increase urea production capacity in Africa. Under the programme, Dangote plans to raise fertiliser production capacity in Nigeria from 3 million metric tonnes per annum to 9 million metric tonnes, while also developing a new 3 million metric tonnes per annum urea fertiliser plant in Ethiopia.
AFC said the financing reflects its continued partnership with Dangote Group on major industrial projects across the continent. The corporation previously served as Co-Coordinating Bank on a USD 3 billion syndicated loan for the Dangote Refinery and also provided a USD 300 million senior term loan to Dangote Industries Limited, which has since been fully repaid.
The new facility is expected to support Africa’s efforts to reduce dependence on imported fertiliser and strengthen food security. AFC said the investment comes at a time when global supply chain disruptions and commodity market volatility have exposed the risks of relying heavily on imported agricultural inputs.
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, said the financing marks another milestone in the group’s partnership with AFC.
“Expanding our fertiliser production capacity in Nigeria and developing a new plant in Ethiopia will strengthen Africa’s food security, support agricultural productivity, and deepen the continent’s industrial base,” Dangote said.
Samaila Zubairu, President and CEO of AFC, said the project is intended to help Africa improve agricultural productivity and build greater economic self-reliance.
“By supporting the development of the world’s largest fertiliser platform, AFC is helping build the foundation for Africa to feed itself, create productive jobs and strengthen our economic sovereignty,” Zubairu said.
AFC said the latest transaction is part of its broader strategy to support investments in sectors that underpin long-term economic growth, including energy, logistics, industrial processing and food security.
Source (including image): Africa Finance Corporation
