Business
Dangote, Ethiopia PM Break Ground on $2.5bn Fertiliser Plant
A new chapter in Africa’s industrial story opened on Thursday as Aliko Dangote, President/Chief Executive, Dangote Group, led the groundbreaking of a $2.5 billion fertiliser plant in Gode, Ethiopia.
The project, a partnership between Dangote Group and Ethiopian Investment Holdings (EIH), with a production capacity of three million metric tonnes of urea annually, is expected to become one of the world’s largest fertiliser complexes.
Biztellers reports that it is strategically located in Ethiopia’s South-East region, and will leverage the country’s abundant natural gas resources from the Hilal and Calub reserves to boost agricultural productivity, create jobs, and enhance food security across the Horn of Africa.
During the ceremony, Ethiopia’s Prime Minister, Abiy Ahmed described the fertiliser project as more than just industrial progress, stressing that it symbolises shared responsibility, cooperation, and peace.
According to PM Abiy, the project reflects Ethiopia’s commitment to harnessing opportunities and elevating its presence on the global stage.
“They embody our shared responsibility to harness opportunities, strengthen cooperation, and promote peace. Hence, I call upon all Ethiopians to continue mobilizing in unity for progress,” Abiy said.
“By doing so, we elevate Ethiopia’s presence on the global stage in a way that honours the true spirit of our Ethiopian identity,” he added.
Alh Dangote commended Abiy and his cabinet for reforms and economic liberalisation that have opened key sectors to private investments, which he noted has positioned Ethiopia as one of Africa’s most attractive destinations for global investors.
He lauded the government’s investment in infrastructure, including transport, energy, and the Grand Ethiopian Renaissance Dam, which he described as a foundation for the country’s industrialisation.
“This partnership with Ethiopian Investment Holdings represents a pivotal moment in our shared vision to industrialise Africa and achieve food security across the continent,” Dangote said.
“We are committed to bringing our decades of experience in large-scale industrial projects to ensure this venture becomes a cornerstone of Ethiopia’s industrial transformation,” he added.
Alh Dangote disclosed that the Gode project marks just the beginning, with plans to expand into the production of other fertilisers such as ammonium nitrate, ammonium sulphate, NPK, and calcium ammonium nitrate, which would position Ethiopia as a regional hub for fertiliser production.
He predicted that within five years, Ethiopia could become Africa’s leading agricultural nation.
Biztellers reports that this investment is Dangote Group’s second major project in Ethiopia. Its cement subsidiary has operated a 2.5Mta plant in Mugher for more than a decade, with an additional $400 million committed to doubling its capacity.
Across Africa, Dangote said the Group’s strategy is guided by the belief that “only Africans can develop Africa,” with a focus on manufacturing to reduce dependence on imports.
He highlighted the Dangote Group’s role in transforming Nigeria into a net exporter of petroleum products, cement and fertiliser, through its refinery, cement plants, and fertiliser expansion, which is set to become the largest in the world at nine million metric tonnes per annum.
“These investments have already changed Nigeria’s story,” Dangote noted. “We’ve moved from being import-dependent to becoming self-sufficient and even exporters of cement, fertiliser, and petroleum products. Our mission is to help other African nations achieve the same transformation. We strive to make African countries become self sufficient in the production of those goods whose necessary raw materials are readily available. We have demonstrated that feat in the cement sector where many African countries are now net exporters of cement through our investments. We are ready and happy to work with more African countries to drive their industrialization plans and aspirations.”
He described the Gode project as a “new dawn,” the first time a private African investor is partnering with an African country to build an industrial complex of this scale.
“We understand Africa, its challenges, its opportunities, and its potential. And we believe only Africans can truly transform Africa,” he said.
He pointed out that, “Our mission at Dangote Group is to lead Africa’s industrial transformation. This project marks the first time a private African investor is partnering with an African country to build such an industrial complex.”
He hinted at the establishment of polypropylene bagging plant to boost the industry in Ethiopia.
Alh Dangote expressed gratitude to financial institutions including Afreximbank, the Africa Finance Corporation (AFC), Access Bank, First Bank of Nigeria, Zenith Bank, and other indigenous banks for supporting the project.
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Meanwhile, the President of the Somali Region, Mustafa Omar, described Aliko Dangote as “the anchor investor Ethiopia has been looking for.”
He noted that Dangote is not only a trusted investor but also one who is highly appreciated by both Ethiopians and Africans at large.
The event was attended by senior Ethiopian government officials, industry leaders, and financiers.
Across Africa, the Dangote Group’s industrial story is expanding. Dangote Cement alone has a total installed capacity of 55 million tonnes per annum across 11 countries. The company also built the world’s largest single-train refinery in Nigeria, with a capacity of 650,000 barrels per day, alongside a one million metric tonne polypropylene plant. Its fertiliser arm, which started at three million metric tonnes, is being expanded by six million tonnes, a move that will make it the largest fertiliser operation in the world.
Chevron Nigeria won the second-best exhibitor award at the just-concluded 2026 Nigerian Association of Petroleum Explorationists (NAPE) conference and exhibition at Eko Hotels and Suites, Victoria Island, Lagos.
Biztellers reports that Olajumoke Cecilia Ajayi, FNAPE, NAPE President (2025–2026) and Managing Director/CEO of Ingentia Energies Limited, presented the award to Chevron, during the awards dinner on November 12, 2026.
The award is in recognition of Chevron’s outstanding exhibition, where visitors to its booth, particularly students, took part in Geology/Geophysics presentations and quizzes, word games, and Human Resources/Nigerian Content presentations and quizzes, with gifts for winners and participants.
Commenting on the award, the leader of the Chevron’s exhibition team, Dr. Victor Anyaegbudike, Manager Communications, Chevron companies in Nigeria and the Mid Africa Region, commended NAPE for its commitment to hosting the annual conference and exhibition. He noted that Chevron has operated in Nigeria for over 60 years, contributing to the country’s growth and development and making human investments that yield long-term, transformative returns.
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“At Chevron Nigeria, we drive innovation and investment to open up opportunities for growth, jobs, productivity and lasting value. Forums like the NAPE conference and exhibition matter because they bring government, academia, students and industry together around shared goals and a better understanding of one another,” he remarked.
Victor noted that Chevron is committed to building productive, collaborative and mutually beneficial relationships, grounded in trust, with governments, partners, customers, communities and employees. “We believe that affordable, reliable and ever-cleaner energy is vital to a more prosperous and sustainable world,” he said.
Attendees at the NAPE conference and exhibition included representatives of the Federal Government of Nigeria, industry regulators, industry leaders, academics, and students from tertiary institutions across the country.
The Nigerian Exchange Limited (NGX) recorded a 1.36 per cent weekly gain as its market capitalisation increased to ₦163.80 trillion at the close of trading on Friday, November 13, 2026.
The NGX All-Share Index (ASI) rose to 252,269.16 points, pushing the market’s year-to-date return to 62.11 per cent.
The performance reflected a positive trading week for the equities market, with 43 listed companies recording price appreciation, compared with 29 in the previous week.
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According to the Exchange’s weekly market report, investors traded 8.03 billion shares valued at ₦185.36 billion in 160,836 deals during the week.
This represented a significant increase in trading volume from the 2.83 billion shares exchanged in 192,158 deals in the preceding week, although the total value of transactions declined from ₦208.41 billion.
The Financial Services Industry dominated trading activities, accounting for 4.85 billion shares worth ₦95.79 billion. This represented 60.45 per cent of the total equity turnover volume and 51.68 per cent of turnover value.
The Agriculture Industry followed with 2.24 billion shares valued at ₦22.78 billion, while the Consumer Goods Industry recorded 260.99 million shares worth ₦11.89 billion.
Further details of the market performance showed that 39 equities declined during the week, compared with 57 in the previous week, while 64 equities closed unchanged against 60 recorded in the preceding period.
On the gainers’ chart, Champion Breweries Plc emerged as the best-performing stock, appreciating by 27.27 per cent, while LivingTrust Mortgage Bank Plc recorded the biggest loss, declining by 18.53 per cent.
Meanwhile, trading in Exchange-Traded Products (ETPs) stood at 1.21 million units valued at ₦278.97 million in 3,351 deals, compared with 1.46 million units worth ₦381.82 million in 4,085 deals in the previous week.
The fixed-income segment recorded 156,612 units valued at ₦177.88 million in 41 deals, against 21.99 million units worth ₦20.60 billion in 48 deals recorded in the preceding week.
The Exchange also recorded the listing of two commercial paper instruments issued by Thrive Agric Limited.
The instruments comprised ₦3.17 billion Series 1 (Tranche A) and ₦2.09 billion Series 1 (Tranche B) Commercial Papers, with a combined value of approximately ₦5.26 billion.
Nigeria produced a daily average of 1.687 barrels of crude oil and condensate in October 2026, and met its OPEC quota for the sixth consecutive month.
Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that in strict crude oil terms (excluding condensate), the country produced an average of 1.51mbpd in October.
This is 101 percent of the 1.5mbpd quota set by OPEC.
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The data, released on Wednesday, also shows that single-day production hit a peak of 1.79 million barrels, while the lowest for the month under review stood at 1.60 million bpd.
The crude oil data (excluding condensate) shows that Nigeria has met its assigned OPEC quota for six straight months, producing 1.53mobpd in May; 1.55mobpd in June; 1.51mobpd in July; 1.5mobpd in August, 1.53mobpd in September and 1.51mobpd in October.
On a month of month basis, however, production dipped by 1.7 percent.
The NUPRC attributed the stable performance in recent months to an enhanced operational stability, supported improved production uptime and crude evacuation efficiency.
The sustained growth recorded in October reflects the continued commitment of operators and industry stakeholders towards improving operational efficiency, maintaining asset integrity, and enhancing production reliability across the Nigerian upstream petroleum sector.
A breakdown of the daily average crude oil and condensate production by terminals/streams during the review month shows that Forcados Terminal accounted for 318.49kbpd while Bonny comes second with 311.02kbpd.
Qua Iboe Terminal recorded an average production of 173.97kbpd of crude oil and condensates while Escravos Oil Terminal posted a daily average of 134.67kbpd.
Bonga ranked as the fifth highest producing terminal, recording an average of 106.65kbpd of crude oil and condensate.
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