Africa’s richest man, Aliko Dangote, has signed a landmark agreement with the Ethiopian government to construct a $2.5 billion fertiliser plant in the country’s eastern Somali region.
The deal, signed in Addis Ababa on Thursday, gives Dangote a 60 per cent stake in the project, while the state-owned Ethiopian Investment Holdings (EIH) will control the remaining 40 per cent.
According to details of the agreement, the plant will take about 40 months to complete and is expected to produce 3 million tons of fertiliser annually. It will be connected by pipeline to the Calub and Hilala natural gas fields in southeast Ethiopia, ensuring a steady supply of raw materials. EIH said the project will play a crucial role in reducing the country’s reliance on fertiliser imports and easing.For More Details, Read The Full Story Here.