Dangote plans to list at least 10% of Ethiopia’s $4 billion-plus urea venture

Aliko Dangote plans to list at least 10% of his Ethiopian fertilizer business on the Ethiopian Securities Exchange (ESX) after production stabilizes at the Gode urea complex, according to Ecofin Agency. Dangote outlined the proposal to investors in Addis Ababa on October 15 and said he intends to discuss it with Prime Minister Abiy Ahmed. The listing date, share price and eligibility requirements for investors have not been determined.

Dangote Group holds a 60% stake in the project, while Ethiopian Investment Holdings, the country’s sovereign wealth fund, owns the remaining 40%. The complex in southeastern Ethiopia is designed to produce 3 million tonnes of urea annually, with operations targeted for 2029. Its projected investment has increased from an initial $2.5 billion to more than $4 billion as the project expanded to include a natural gas pipeline, a power plant, a packaging unit, and a blending facility. Construction began in October 2025, with the start-up target set at about 40 months after work commenced, as Fertilizer Daily reported in May.

Ethiopia imported approximately 366,500 tonnes of urea worth $151 million in 2025, according to World Bank trade data. The Gode complex’s planned capacity would substantially exceed current import volumes, potentially positioning Ethiopia as a regional fertilizer supplier. Dangote also said Ethiopia would host some of the largest projects under his planned $40 billion to $50 billion African investment program. He invited Ethiopian investors to participate in the initial public offering of his Nigerian refinery, which is open until October 27.

Source: Ecofin Agency