Dangote will let Ethiopians buy 10% of its giant fertiliser plant
Shares in the $4bn-plus urea project in Gode will be listed on the Ethiopian Securities Exchange, Africa's youngest stock market. Parliament's speaker called it "African enterprises financed by Africans".
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Addis Ababa — Dangote Group has pledged to list 10% of its Ethiopian fertiliser business on the Ethiopian Securities Exchange (ESX), giving local investors a stake in one of the country's largest planned industrial projects, BusinessDay reports.
The plan was announced at the group's investor roadshow in Addis Ababa. How many Ethiopians can take part will depend on the listing structure, regulatory approval and investor eligibility.
The project
- The plant is being built at Gode, in Ethiopia's Somali Region, to produce 3 million tonnes of urea a year, with blending and packaging facilities and its own power generation.
- Dangote holds 60% and the state holding company, Ethiopian Investment Holdings, 40%, under an agreement signed in August 2025. Construction was launched in October 2025.
- The cost was first put at $2.5 billion and rose to more than $4 billion in May 2026 as the scope grew. Gas from the Somali Region is the feedstock.
The plant could supply Ethiopia's farmers and possibly neighbouring markets.
"Financed by Africans"
Aliko Dangote said his investment in Ethiopia "has no limit". The speaker of Ethiopia's parliament, Ahmed Shide, called the listing a model of "African enterprises financed by Africans", and ESX representatives said the choice of the local market showed confidence in Ethiopia's young exchange.
Dangote also spoke about a pipeline link involving Djibouti and Ethiopia, projects in Tanzania, expanding the Lagos refinery to 1.4 million barrels a day and investing in 10,000 MW of power generation across Africa.
Source: BusinessDay, reporting by Faith Omoboye, 16 October 2026.
