The African Export-Import Bank (Afreximbank) has approved a $1.3 billion loan to support the construction of a fertiliser plant in Angola, Minister of Mineral Resources, Petroleum, and Gas Diamantino Pedro Azevedo announced on Friday.
The $2 billion ammonia and urea facility, a joint venture between state-owned Sonagas and the OPAIA Group, aims to reduce Angola’s dependence on imported fertilisers. Currently, Angola imports over $120 million worth of fertilisers annually to meet local consumption demands.
“This project is crucial, as Angola currently imports fertilisers. Afreximbank has just approved financing of around $1.3 billion for it,” Azevedo said during a visit to Botswana.
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The pan-African lender was appointed lead arranger for the project last year, a role it confirmed in August 2024, according to a Reuters report.
The plant will be located in Soyo, along Angola’s Atlantic coast, providing easy access to natural gas, energy, water, and a commercial port.
Plant to boost jobs, trade
Scheduled for completion in 2027, the plant has a production capacity of 4,000 metric tons per day.
The project will generate significant benefits, including the creation of 4,700 jobs, 3,500 during the construction phase and 1,200 permanent positions once completed.
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It will also contribute to Angola’s economic diversification by leveraging natural gas resources, thereby reducing reliance on oil revenues.
Surplus production will position Angola as a major fertiliser exporter in Africa, boosting regional economic integration and promoting intra-African trade.
