Nigerian billionaire Aliko Dangote’s group of companies has increased its planned investment in a fertiliser plant in Ethiopia to more than USD 4 billion, up from the USD 2.5 billion announced last year.

Dangote Group said on its X account on Sunday that Aliko Dangote visited the project site with Ethiopian Prime Minister Abiy Ahmed to assess construction work.

The planned urea plant will have an annual production capacity of 3 million metric tons. The project forms part of Dangote’s broader effort to reduce Africa’s dependence on fertiliser imports.

According to Dangote Group, the expanded project scope includes a 110-kilometre pipeline, a 120-megawatt power plant, a polypropylene packaging facility, and a 2 million ton NPK blending plant.

Under the initial agreement signed between state-owned Ethiopian Investment Holdings and Dangote Group, Ethiopia will hold a 40% stake in the project, while Dangote Group will hold 60%.

Source: CNBC Africa