Africa’s Richest Man Commends Ethiopia as a Gateway for Investment, Industrialization, and Food Security

Addis Ababa, October 2, 2025 (FMC) — Africa’s wealthiest businessman, Nigerian industrialist Aliko Dangote, today praised Ethiopia’s investment climate, economic reforms, and industrial potential as he addressed the groundbreaking ceremony of a $3 billion urea fertilizer plant in Gode, Somali Region, developed in partnership with Ethiopian Investment Holdings (EIH).

Earlier today, Prime Minister Abiy Ahmed laid the foundation stone for the plant, marking a historic milestone in Ethiopia’s industrial and agricultural development. The event highlighted the government’s commitment to expanding fertilizer production, supporting regional food security, and fostering industrial growth.

At the ceremony, attended by senior Ethiopian government officials, Nigerian delegates, and other invited guests, Mr. Dangote described the project as a “historic milestone” that will produce three million metric tons of urea annually. The plant will also feature a self-sufficient polypropylene bagging facility to package all fertilizer locally.

“This project is not only a fertilizer complex; it is a symbol of collaboration and a testament to Ethiopia’s commitment to creating an enabling environment for investment,” Dangote said.

He commended Prime Minister Abiy Ahmed and his cabinet for reforms that have positioned Ethiopia as “the most attractive investment destination in Africa,” praising liberalized sectors, infrastructural development, and energy projects such as the Grand Ethiopian Renaissance Dam for driving industrialization.

Dangote emphasized the project’s agricultural impact, noting it will support Ethiopia’s plan to expand cultivated land, increase fertilizer application to 80 kilograms per hectare, and help position the country as Africa’s leading agricultural nation within five years. He also announced plans to invest in additional fertilizers, including ammonium nitrate, ammonium sulfate, MPK, and calcium ammonium nitrate, strengthening Ethiopia’s role as a regional fertilizer hub.

Detailing Dangote Group’s existing investments in Ethiopia, he highlighted the 2.5 million-ton Didongo Cement plant in Mugel and a $400 million expansion to double its production. Across Africa, the group operates in 11 countries, including a 650,000-barrel daily refinery, a 1 million-ton polypropylene plant, and fertilizer production expansion from 3 million to 9 million metric tons within three years.

Reiterating the group’s belief that Africa must be developed by Africans, Dangote underscored manufacturing as critical to the continent’s economic transformation. “We understand the terrain, the challenges, the culture, and we speak the same language. Only Africans can drive Africa’s industrial surge,” he said.

Praising Ethiopia as a “serious government” and a preferred investment partner, Dangote commended Prime Minister Abiy Ahmed’s leadership, courage, and vision.

He assured that the Gode urea plant would become a cornerstone of Ethiopia’s industrial transformation and a catalyst for regional agricultural productivity. “In the next three months, you will see a very busy site,” he added.

He also thanked Ethiopian government officials and the project team for their support and encouraged serious investors to take advantage of Ethiopia’s favorable investment climate.

The groundbreaking ceremony coincides with Ethiopia’s broader industrialization agenda in Somali Region, including the Ogaden Liquefied Natural Gas (LNG) project and the Gode Oil Refinery, reflecting the government’s commitment to infrastructure development, energy security, and economic growth.