The African Export-Import Bank (Afreximbank) has approved a $1.3 billion loan to finance the construction of a major fertiliser plant in Angola, the country’s Industry and Commerce Minister Victor Fernandes announced on Thursday.
The project, which will be located in Soyo, northern Angola, aims to boost the nation’s agricultural productivity and reduce dependence on imported fertilisers. Fernandes said the initiative aligns with President João Lourenço’s broader industrial diversification strategy, designed to strengthen non-oil sectors and promote self-sufficiency in agricultural inputs.
According to Bloomberg, the new plant is expected to have an annual production capacity of 500,000 tonnes of ammonia and 600,000 tonnes of urea, supporting both local consumption and regional exports. The project will also generate thousands of direct and indirect jobs during its construction and operational phases.
Afreximbank President Benedict Oramah, in a statement cited by Reuters, said the financing reflects the bank’s commitment to “support Africa’s agricultural transformation and food security agenda.” He added that Angola’s growing industrial sector is a key partner in the continent’s shift toward value-added production.
Construction is scheduled to begin in 2026, with completion targeted for late 2028, positioning Angola as one of southern Africa’s leading fertiliser producers and exporters.
