Nigerian billionaire Dangote signs deal with Ethiopia to build $2.5bn fertiliser plant

Ethiopia has signed an agreement with a unit of Nigeria's Dangote Group to build a $2.5 billion fertiliser manufacturing plant, Prime Minister Abiy Ahmed said on Thursday in a post on social media platform X.

Abiy said the deal signed with Dangote Group, owned by Africa's richest man, Aliko Dangote, will place Ethiopia among the largest producers globally.

The plant, which will be launched on site soon, has the capacity to produce up to 3 million metric tonnes of fertiliser annually, the prime minister said.

Africa currently imports over 6 million metric tons of fertiliser annually, Reuters news agency reports.