AFC will allocate US$600 million for fertilizer production by the Dangote Group.

THE Africa Finance Corporation (AFC)AFC, a public and private capital institution, announced on Monday (15) a US$600 million financing for the Dangote Group with the aim of expanding fertilizer production in Africa. According to a statement from the institution, the resources will be allocated to Greenview Fertilizer Corp., a fertilizer holding company controlled by the Nigerian conglomerate. The investment will allow the tripling of urea production capacity in Nigeria, increasing the annual volume from 3 million to 9 million tons. In addition, the project includes the construction of a new industrial unit in Ethiopia, with an additional capacity of 3 million tons per year. With the expansion, the combined capacity of operations should reach 12 million tons annually. AFC highlighted that the project seeks to reduce African dependence on fertilizer imports, increase the availability of inputs for local farmers and strengthen the competitiveness of the region's agricultural sector.

This text was translated by machine from Brazilian Portuguese.