- Dangote plans to sell at least 10% of his $4 billion Ethiopian fertiliser business to local investors through the country’s stock exchange
- The Gode plant is designed to produce three million tonnes of urea yearly, cut import reliance and support exports
- The proposed sale is part of Dangote’s plan to lift fertiliser production to 12 million tonnes annually and expand investor access
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Africa’s richest man, Aliko Dangote, has announced plans to sell at least 10 per cent of his multibillion-dollar fertiliser business in Ethiopia to local investors, opening the door for ordinary Ethiopians to own shares in one of the country’s biggest industrial projects.
The proposed sale will take place through the Ethiopian Securities Exchange once the $4 billion fertiliser plant begins operations and production stabilises.
Source: Getty Images
Speaking in Addis Ababa on Thursday, Dangote said the listing would allow Ethiopian investors to participate directly in the venture’s future growth.
“We need to sell at least 10 percent of it at the Ethiopian Stock Exchange,” he said.
Dangote disclosed that he would discuss the proposal with Ethiopian Prime Minister Abiy Ahmed but insisted the investment group would proceed regardless of the government's position, a BusinessDay report says.
“Even if he doesn't agree, we will take our own 10 percent and sell,” he stated.
However, he did not disclose the proposed share price, offer size or listing date.
Inside Dangote's $4 billion Ethiopian investment
The proposed listing centres on a massive fertiliser complex under construction in Gode, Ethiopia’s Somali region.
The facility is designed to produce three million tonnes of urea fertiliser annually, positioning Ethiopia as a potential major supplier to neighbouring East African markets.
Dangote Group controls 60 per cent of the venture, while Ethiopian Investment Holdings, the government's sovereign investment arm, owns the remaining 40 per cent.
Construction began in October 2025, with completion expected within 40 months, placing the projected opening in 2029.
Initially estimated at $2.5 billion, the project's cost has exceeded $4 billion following the addition of a gas pipeline, power generation facilities, packaging infrastructure and a fertiliser blending plant.
The facility will receive natural gas from the Calub and Hilala fields in Ethiopia's Ogaden basin.
Why the share sale matters to Ethiopia
The proposed listing could become a significant milestone for Ethiopia's emerging capital market.
The Ethiopian Securities Exchange began trading in January 2025, marking the country's return to organised stock trading after several decades.
With relatively few listed companies, the exchange hopes to attract 50 listings by 2030, according to a report by Billionaires Africa.
For Ethiopia, the fertiliser project also promises reduced dependence on costly imports, improved agricultural productivity and potential foreign exchange earnings from exports.
Dangote believes the business could eventually become Ethiopia's second most valuable company after Ethiopian Airlines.
Dangote targets 12 million tonnes of fertiliser
The Ethiopian investment forms part of Dangote's ambitious plan to quadruple his group's fertiliser production capacity to 12 million tonnes annually.
The expansion includes another three-million-tonne production line in Ethiopia and six million tonnes of additional capacity in Nigeria.
Dangote also plans to list his Nigerian fertiliser business next year.
Meanwhile, his Nigerian oil refinery is pursuing a separate public share offering involving 4.1 billion shares priced at ₦525 each.
The offer, targeting approximately $1.6 billion, has been extended until October 27 to accommodate more African investors.
How students can get 10 free Dangote Refinery shares
Legit.ng earlier reported that Nigerian students have an opportunity to receive 10 additional shares in Dangote Petroleum Refinery and Petrochemicals FZE at no cost through a grant initiative by the Aliko Dangote Foundation.
The Student Share Grant Initiative is designed to promote financial inclusion, encourage savings and introduce young Nigerians to investing in the capital market.
Source: Legit.ng