Aliko Dangote, president and chief executive of Dangote Group, has pledged to list 10 percent of the conglomerate’s Ethiopian fertiliser business on the Ethiopian Securities Exchange (ESX), giving local investors an opportunity to own a stake in one of the country’s largest planned industrial projects.
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Dangote announced the plan at the group’s investor roadshow in Addis Ababa, as the Nigerian industrialist seeks to expand investment in Ethiopia and encourage African investors to finance businesses operating across the continent.
“The investment in Ethiopia has no limit,” Dangote said. “Whatever we make here, we will bring more and more here.”
The group’s biggest undertaking in Ethiopia is a fertiliser manufacturing complex in Gode, in the Somali Region. Dangote Group and Ethiopian Investment Holdings signed a shareholders’ agreement in August 2025, giving the Nigerian conglomerate a 60 percent stake in the project and the Ethiopian state investment holding company the remaining 40 percent. Construction was officially launched in October 2025.
Initially estimated to cost $2.5 billion, the planned investment rose to more than $4 billion in May 2026 after the project’s scope expanded and additional infrastructure requirements were included.
Designed to produce three million metric tonnes of urea annually, the facility is expected to supply Ethiopia’s agricultural sector and potentially serve neighbouring markets. Its planned infrastructure includes fertiliser blending and packaging facilities, alongside dedicated electricity generation capacity.
The investment could help reduce Ethiopia’s reliance on imported fertiliser, which exposes the country to international price movements, transport costs and foreign exchange pressures. However, the scale of any savings will depend on actual production, operating costs, debt obligations and how much of the output is sold locally.
The project could also establish a new export-oriented manufacturing business if production exceeds domestic demand and the group secures buyers in regional markets. Ethiopia’s agricultural sector is the principal market for fertiliser, with demand shaped by cultivated land, input prices, government procurement programmes and farmers’ access to finance.
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Gode’s location in the Somali Region is also significant because the area’s natural gas resources have long been viewed as a potential foundation for industrial development. Natural gas is a key feedstock for conventional urea production, used to make ammonia before it is converted into fertiliser. Reliable gas supplies, electricity, water and transport links will therefore be important to the project’s operating costs and long-term viability.
Dangote has also discussed energy and transport infrastructure investments, including a pipeline connection involving Djibouti and Ethiopia, as well as other regional projects in Tanzania. These plans form part of the group’s wider effort to secure the energy supplies and infrastructure needed to support its manufacturing operations.
Beyond Ethiopia, Dangote said the group planned to expand the capacity of its Lagos refinery to 1.4 million barrels per day and invest in 10,000 megawatts of power generation across Africa. He also said the group expected to generate $36 billion in revenue by the end of 2026 and aimed to repay all its debt by October.
Ethiopian officials welcomed the proposed listing, describing it as a step towards linking African capital markets and allowing local investors to participate in the growth of businesses operating on the continent.
Ahmed Shide, speaker of the Ethiopian parliament, described the initiative as a model of “African enterprises financed by Africans”. He highlighted Dangote’s fertiliser investment and the potential benefits of stronger links between African financial markets, while thanking the group for opening the opportunity to Ethiopian investors.
Dagmawit Shifera said the offer would give qualified Ethiopian investors an opportunity to participate and support greater integration between African capital markets.
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Representatives of the Ethiopian Securities Exchange also thanked Dangote for choosing the local market, describing the move as a sign of confidence in Ethiopia’s capital market and a boost to its financial sector.
If implemented, the proposed listing would allow eligible Ethiopian investors to own a stake in the group’s local fertiliser business, while giving Dangote another potential source of capital within Africa. The final level of participation will depend on the listing structure, regulatory approvals and investor eligibility.
The plan comes amid broader efforts to mobilise African savings to finance the continent’s industrial development. For Ethiopia, the potential benefits extend beyond a stock market listing: the fertiliser complex could reduce import dependence and create export opportunities, provided the project secures reliable inputs, reaches its planned production capacity and operates at competitive costs.
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Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance.
