Daily News – Page 22 – Ethiopian Business Review

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Aliko Dangote has set an ambitious target for his conglomerate, the Dangote Group, projecting total revenue of USD 30 billion by 2026, as reported by Nairametrics. Speaking at a venture capital conference in Lagos, Dangote revealed that the group’s revenue will rise by USD 5 billion from USD 25 billion in 2025, largely driven by the growth of its extensive holdings, including the monumental Dangote Petroleum Refinery in Lagos, which processes 650,000 barrels of oil per day.

Despite global trade tensions, including the U.S. imposing aggressive tariff policies, Dangote’s oil refinery has remained insulated, as oil and gas exports were excluded from tariff adjustments. Moreover, Dangote Fertilizer, which exports urea to the U.S., stands to gain significantly from a 16% tariff differential between Nigeria and Algeria, its key competitor. Dangote admitted that he had initially been concerned about the potential impact of U.S. tariffs, but the situation worked in his favor as Algeria faced a 30% tariff hike.

Dangote’s expansion doesn’t stop with oil and fertilizer. The billionaire magnate also laid out a bold plan to become Africa’s leading cement exporter by 2026, surpassing Egypt. With a current production capacity of 53 million tons of cement, Dangote Group is set to increase this to 62 million tons next year, solidifying its position as the continent’s cement industry leader.

As Dangote Group continues to evolve and expand, its trajectory not only demonstrates the entrepreneurial foresight of Aliko Dangote but also highlights the growing influence of African conglomerates on the global stage.

Dangote Group’s expansion into Ethiopia is transforming the nation’s industrial landscape. With a USD400 million investment. The group is also venturing into Ethiopia’s sugar industry, leveraging its experience from Nigeria’s 60,000-hectare plantation to enhance operations.

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The Ethiopian Coffee and Tea Authority has announced a major expansion in the global reach of Ethiopian coffee, adding over 30 new export destinations and recording an all-time high in export revenue, as reported by Ahadu Radio.

Cheru Kuru, Chief Executive Officer for Market and Information Security at the Authority, revealed that Ethiopian coffee is gaining increasing international traction, with rising demand from emerging markets such as China and South Korea. These new buyers are joining traditional markets like Europe and the United States, helping Ethiopia grow its total export destinations from 64 to over 90 countries.

Among the top revenue-generating destinations are Saudi Arabia, Germany, and the United States, followed closely by Belgium, China, South Korea, the UAE, Japan, Italy, and Jordan. These countries now account for a combined 77% of export volume and 78% of total foreign exchange earnings from coffee.

Notably, China, Jordan, and the UAE—new entrants to the top 10 buyers list—reflect a shifting global appetite for Ethiopia’s specialty beans.

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In a diplomatic breakthrough announced during the BRICS Foreign Ministers’ Meeting in Brazil, Ethiopia and Thailand have agreed to deepen bilateral cooperation—placing a spotlight on medical tourism as a promising new frontier.

Thai Foreign Minister Maris Sangiampongsa and his Ethiopian counterpart, Gedion Timothewos, reached the understanding in a sideline meeting that highlighted mutual interest in expanding ties. With Thailand’s well-established medical tourism sector and Ethiopia’s growing middle class seeking healthcare alternatives abroad, the agreement signals a concrete step toward structured, people-centered cooperation.

Beyond healthcare, the ministers agreed to broaden engagement in the tourism sector and strengthen joint efforts to combat human trafficking. Minister Maris noted Thailand’s recent success in repatriating 135 Ethiopian nationals who had been lured into forced labor in Myanmar—a shared concern both nations committed to addressing with deeper collaboration.

Reinforcing its outreach to Africa, Thailand also invited Ethiopia to participate in the upcoming Thailand Development Forum for Africa, set to take place in Bangkok from May 11–16. The forum will present Thailand’s development model to 15 African countries, including Ethiopia, aiming to foster investment, trade, and capacity-building partnerships. Minister Gedion welcomed the invitation and expressed interest in learning from Thailand’s progress, especially in areas like healthcare, economic development, and social protection.

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Yango Ethiopia has recently announced the signing of a Memorandum of Understanding (MoU) between G2G IT Solutions S.C.—the local operator of Yango—and Amigos SACCO, Ethiopia’s microfinance institutions. The partnership aims to roll out a first-of-its-kind electric vehicle (EV) financing program under Yango Cares, an initiative dedicated to improving the lives of Yango’s partner drivers.

The new program is designed to make car ownership a reality for up to 100 Yango drivers, most of whom currently rent vehicles. Over the next 17 months, six drivers per month will receive access to brand-new electric vehicles, supported through tailored financing solutions from Amigos SACCO. Driver eligibility will be based on performance metrics and platform engagement.

“This program isn’t just about mobility, it’s about transformation,” said Dr. Yekenalem Abebe, representative of Yango. “We believe every driver who contributes to our platform deserves the opportunity to grow with it. This partnership opens the door to new economic possibilities.”

For Ethiopia’s ride-hailing community, the lack of affordable vehicle financing has long been a roadblock to economic self-reliance. With this new model, drivers will receive more than just financing—they’ll gain access to financial literacy training, vehicle maintenance guidance, and repayment plans designed around their income patterns.

“Through this initiative, Yango is lowering the barriers that prevent drivers from building long-term value,” said Mr. Tedros Mehari, CTO of G2G IT Solutions S.C. “We are fostering an ecosystem where success is shared.”

Amigos SACCO sees the partnership as a step toward aligning cooperative finance with Ethiopia’s evolving urban economy.

“By working with Yango, we’re addressing a critical financing gap and helping drivers take charge of their financial future,” said Mr. Birhanu Reesom, Executive Office Director at Amigos. “This shows how cooperatives can drive innovation in emerging sectors.”

The program also supports Ethiopia’s climate goals by transitioning participating drivers to clean-energy vehicles. In addition to reducing urban emissions, the EVs promise passengers quieter, safer, and more comfortable rides.

In a decisive move that signals Ethiopia’s growing appetite for foreign investment, the Council of Ministers has approved a draft proclamation that will allow foreigners to own or possess immovable property in the country. The new legislation, discussed during the Council’s 44th regular session, marks a pivotal shift in Ethiopia’s real estate policy, traditionally closed to non-citizens.

Government officials underscored that the framework has been designed to stimulate capital inflows without compromising the land rights of Ethiopian citizens. By establishing a clear legal structure for foreign ownership, authorities aim to unlock large-scale investment in housing development, address the chronic mismatch between housing supply and demand, and create new employment opportunities in construction and related sectors. The draft proclamation, now set to be debated by the House of People’s Representatives, is seen as a cornerstone in Ethiopia’s broader strategy to make its urban landscape more accessible and investor-friendly.

The session also tackled other key resolutions aligned with Ethiopia’s vision for structural transformation. One of the standout decisions was the approval of a regulation to implement the African Continental Free Trade Area (AfCFTA) tariff reduction on goods. Once published in the Federal Gazette, the regulation—set to be enforced within a month—will facilitate freer trade among African nations by cutting tariffs that often hinder intra-continental commerce. The Council emphasized that this measure is crucial for accelerating regional economic integration, expanding market linkages, and strengthening Ethiopia’s role in Africa’s evolving value chains.

The Council also ratified Ethiopia’s move to join the African Finance Corporation (AFC), an institution that offers financial and technical assistance to both public and private sector projects across the continent. Membership in the AFC is expected to unlock new funding avenues for critical infrastructure and industrial development, sectors considered vital for long-term economic resilience.

Meanwhile, two interest-free financial assistance agreements—one with the Government of Italy and the other with the International Development Association—were also endorsed. These agreements will support the country’s environmental and green economy initiatives, as well as transformative reforms in the education sector. Officials noted that both loans are in full alignment with Ethiopia’s debt sustainability framework and offer generous grace and repayment periods.

To improve institutional efficiency and customer satisfaction, the Council further discussed and approved new regulations on service fees for the Ministry of Transport and Logistics and the Civil Society Organizations Authority. The changes are intended to reflect the cost of service provision while remaining sensitive to public affordability.

Wrapping up the session, the Council approved a draft proclamation to ratify the bilateral air transport agreement signed with Austria. The pact is expected to strengthen diplomatic and commercial ties, broaden market opportunities for Ethiopian Airlines, and contribute to tourism, foreign investment, and job creation.

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South Africa has expressed its intent to forge a stronger tourism partnership with Ethiopia, leveraging Ethiopia’s recent entry into the BRICS alliance to unlock fresh opportunities for bilateral cooperation. In an interview with the Ethiopian News Agency (ENA), South Africa’s Ambassador to Ethiopia, Nonceba Losi, highlighted her country’s commitment to deepen ties—particularly in tourism, a sector she described as ripe for joint growth under BRICS.

“Ethiopia’s entry into BRICS opens a new chapter for collaboration,” Ambassador Losi stated. “We want to ensure that BRICS nations work closely, not just on policy, but also by visiting and investing in each other’s tourism offerings.”

Losi revealed that the South African Embassy in Addis Ababa is already working on concrete proposals and programs to stimulate tourism exchange, including attracting more South African visitors to Ethiopia and vice versa. This comes as part of a broader strategy to tap into the massive market potential within BRICS—home to over 40% of the world’s population.

Beyond tourism, the Ambassador pointed to technical cooperation opportunities. She noted that South Africa’s experienced wildlife rangers could assist Ethiopia in conservation efforts, sharing expertise to better protect the country’s rich natural heritage.

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Zambia has announced plans to adopt Ethiopia’s Fayda digital ID system as a model for its upcoming national digital identity initiative, highlighting Ethiopia’s success in leveraging homegrown technology to drive inclusive development, as reported by TechAfrica News . The decision underscores a growing recognition of Ethiopia’s digital leadership in Africa.

Speaking at the Africa Innovation Conference in Addis Ababa, Smart Zambia National Coordinator Percy Chinyama expressed admiration for Ethiopia’s approach. “We are keen to replicate what Ethiopia has achieved through its own domestic capabilities,” he remarked. Chinyama emphasized Zambia’s strategic shift towards locally developed solutions to enhance national ownership and sustainability.

Ethiopia’s Fayda system has been instrumental in promoting financial inclusion and social equity. Since its launch, over 12 million Ethiopians have been registered, with the goal of reaching 90 million residents. The system has notably empowered women, refugees, and internally displaced persons by providing them with legal identification, thereby facilitating access to essential services such as banking, healthcare, and education .

In Zambia, the government is already implementing similar initiatives. The Ministry of Education’s Learning Management Platform, developed locally, is providing equitable access to the national curriculum. Additionally, Smart Zambia has launched a program to solarize all local councils, ensuring uninterrupted digital connectivity for public services across the country.

Dr. Benson Banda, Director of the National Science Centre under the Ministry of Education, reported that more than 5,000 teachers in 84 districts are actively using the Learning Management Platform. He highlighted the platform’s mobile compatibility as critical in supporting the new curriculum rollout.

Zambia’s Ambassador to Ethiopia and Permanent Representative to the African Union, Rose Sakala, commended Ethiopia’s leadership in digital governance and lauded Smart Zambia’s efforts to enhance cybersecurity within public institutions.

Dashen Bank has made history by becoming the first private bank in Ethiopia to secure a Trade Finance Guarantee Facility Agreement worth USD 40 million from the African Development Bank (AfDB). The agreement was officially signed this morning at Dashen Bank’s headquarters, marking a major milestone for both the bank and Ethiopia’s financial sector.

The signing ceremony was attended by key representatives from Dashen Bank and AfDB. Asfaw Alemu, CEO of Dashen Bank, expressed pride in securing this facility, noting that it is the first of its kind to be extended to a private bank in Ethiopia. He emphasized that Dashen Bank is honored to serve as a bridge to bring this significant opportunity to life. Asfaw further highlighted that the agreement symbolizes strategic alignment that helps unlock Africa’s full potential. He attributed the successful securing of this facility to Dashen Bank’s rigorous due diligence, operational soundness, and progress in governance, underscoring the bank’s strong strategic direction.

Dr. Leandre Bassole, Deputy Director General of East Africa at the AfDB, expressed the agreement’s importance, calling it a pivotal milestone in strengthening the partnership between the AfDB and Ethiopia’s financial industry. Bassole noted that the agreement will play a significant role in advancing inclusive, private sector-led growth in Ethiopia, emphasizing that it marks the first direct trade finance guarantee facility the AfDB has provided in the country.

This facility will enable Dashen Bank to facilitate import and export trade finance requirements, thereby enhancing the bank’s capacity to support critical sectors of the Ethiopian economy. It is expected to significantly bolster trade finance by providing guarantees to confirming banks for non-payment risks arising from trade finance instruments such as letters of credit issued by Dashen Bank. This initiative responds to the challenges faced by Ethiopian banks, which have been constrained by inadequate credit lines from international confirming banks, limiting their ability to support clients effectively.

The facility is also expected to promote intra-Africa trade, aligning with the African Continental Free Trade Area (AfCFTA) agenda. It will help address the financing gaps in critical sectors and support the import of essential goods such as fertilizers, pharmaceuticals, solar energy panels, and agricultural machinery, all crucial for Ethiopia’s development.

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Ethiopia has been selected by the International Atomic Energy Agency (IAEA) to host a bachelor’s degree program in nuclear science and technology for African member states.

The announcement was made by Ethiopia’s Ministry of Innovation and Technology, which revealed that a strategic agreement has been signed between the IAEA, the Government of China, Tsinghua University, and Addis Ababa Science and Technology University (AASTU) to establish the continent’s first IAEA-backed undergraduate program in nuclear engineering based in Ethiopia.

The initiative is designed to build long-term capacity in nuclear science across the African continent—particularly in sectors such as health, agriculture, mining, environmental management, manufacturing, and energy. The program will also serve Ethiopia’s domestic needs by nurturing a new generation of nuclear engineers and technical experts.

Minister of Innovation and Technology, Dr. Belete Molla, described the agreement as a turning point in Ethiopia’s scientific advancement. “Ethiopia is emerging as a gateway to science and technology in Africa,” he said. “By hosting this program, we are not only accelerating our own development but offering access to a critical knowledge frontier for our African partners.”

He noted that Ethiopia’s selection followed an extensive negotiation process, during which its institutional readiness and regional relevance were emphasized. The program will support the country’s broader economic goals by integrating peaceful nuclear technology applications into national development strategies.

As part of the agreement, up to ten Ethiopian professionals will undergo a six-month specialized training at Tsinghua University in China—one of the world’s leading institutions in nuclear science. Upon their return, they will support the delivery of the degree program in collaboration with experts from China and the IAEA.

IAEA Deputy Director General for Technical Cooperation, Hua Liu, expressed confidence in Ethiopia’s capacity to lead the initiative. He emphasized the program’s broader economic implications, noting that the IAEA and the Chinese government will provide laboratory infrastructure and other essential resources to support implementation.

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In a significant step toward alleviating urban transport challenges, Ethiopia’s Transport and Logistics Service Improvement Council has reported the deployment of 100 electric buses in Addis Ababa and the ongoing procurement of an additional 100 buses. The update came during the Council’s nine-month performance review meeting, attended by its Chairman, Engineer Tsedeke Yehune, Minister of Transport and Logistics Dr. Alemu Sime, and key sector leaders.

The report highlights that the 100 electric buses currently in operation are collectively transporting over 96,000 passengers per day, providing a much-needed boost to the city’s congested public transport system. The initiative not only addresses chronic service shortages but also aligns with national ambitions to promote clean and efficient mobility.

To further respond to public demand and persistent service gaps, the Ministry has initiated the procurement of another 100 buses, targeting the most underserved areas of the capital. This dual action—deployment and procurement—marks a coordinated effort to expand capacity and restore public confidence in mass transport.

In addition to expanding fleet capacity, the Council revealed ongoing efforts to modernize the logistics ecosystem through the development of an integrated digital transport management system. This system aims to streamline freight transport services, enhance efficiency, and combat corruption through digital tracking and service automation.

A sector-wide service delivery survey presented during the session also pointed to improvements in urban transport operations, particularly in reducing complaints related to bus accessibility, skipped stops, and inconsistent service. While progress has been noted, the Council acknowledged that gaps remain and called for sustained attention to service quality.

Key institutions—including the Ethiopian Civil Aviation Authority, Ethio-Djibouti Transport Authority, and the Ministry of Transport and Logistics—were credited for making gradual improvements in service delivery. However, Council members stressed the need for continued modernization and institutional accountability.

Minister Dr. Alemu Sime emphasized that the sector is entering a critical phase of transformation. “The progress recorded over the past nine months is encouraging. These improvements must not be reversed, and all stakeholders should remain committed to further advancing the sector,” he said.

Council Chairman Engineer Tsedeke Yehune echoed the importance of stakeholder engagement, urging members to continue supporting reform efforts and to serve as vigilant observers in the journey toward a more responsive and competitive transport system.

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Dangote Group Targets USD30 Billion in Revenue by 2026

Ethiopia Expands Coffee Export Destinations by 30

Thailand Opens Doors to Ethiopian Medical Tourists in New Bilateral Deal

Yango Ethiopia and Amigos SACCO Team Up to Empower Drivers with EV Ownership

Ethiopia To Open Real Estate Market to Foreigners In New Draft Law

South Africa Eyes Tourism Alliance with Ethiopia Under BRICS Framework

Zambia to Adopt Ethiopia’s Fayda Digital ID System

Dashen Bank Becomes First Private Bank in Ethiopia to Secure Trade Finance Guarantee from AfDB

Ethiopia to Launch Africa-Focused Nuclear Engineering Degree Program with IAEA Backing

Ethiopia Deploys and Procures 200 Buses to Ease Urban Transport Pressure