Dangote Group has signed a $600 million loan agreement with the Africa Finance Corporation (AFC) to massively expand its fertiliser production — tripling output in Nigeria and building a brand new plant in Ethiopia.

The deal, signed on Friday in Lagos, will part-finance the expansion of Dangote's urea fertiliser capacity in Nigeria from 3 million metric tonnes per annum (MTPA) to 9 MTPA. It also backs a new 3 MTPA urea plant in Ethiopia.

The money goes to GreenView Fertilizer Corporation, a Dangote Fertilizer holding company. The entire expansion programme costs $7 billion.

Aliko Dangote, President of Dangote Group, said the expansion will generate over $4 billion annually in export earnings within three years. "What he's actually given us this money for is a company where, by the next three years, we'll be able to have an export of over $4 billion worth of urea fertilizer, and I think it's a big contribution to the foreign exchange income of the country," he said.

"You can continue to count on us. When we say that we want to grow our group to $100 billion by 2030, it doesn't mean that we want to grow alone; we want to grow together, especially with African Finance Corporation among other notable institutions in Africa."

Samaila Zubairu, President & CEO of AFC, said the transaction shows AFC's capital recycling model at work. "Following the successful repayment of our earlier investment in Dangote Industries Limited, we're redeploying and doubling that capital into Dangote Group's next phase of growth," he said.

AFC had previously invested in Dangote Industries Limited and was repaid. Now it's putting that money back into Dangote's fertiliser arm.

The Dangote Fertilizer Plant in Ibeju-Lekki, Lagos, is already one of the world's largest granulated urea complexes. It supplies Nigerian farmers and exports to international markets, earning foreign exchange for the country.

  • $600 million: loan from AFC to GreenView Fertilizer Corporation
  • 3 MTPA to 9 MTPA: Nigeria capacity increase
  • 3 MTPA: new plant capacity in Ethiopia
  • $7 billion: total cost of Dangote's fertiliser expansion programme
  • $4 billion: projected annual export earnings within three years
  • $100 billion: Dangote Group's revenue target by 2030

The expansion aims to cut Africa's reliance on imported fertiliser, stabilise prices, and improve crop yields. The company says it will also strengthen supply chains and ensure steady availability of high-quality fertiliser for farmers across the continent.

AFC Chairman of the Board of Directors, Samaila Zubairu, signed alongside Dangote Group CFO Murat Erden and AFC Senior Vice President Titilayo Oke at the Lagos ceremony.