Addis Ababa, October 6, 2025 (FMC) — Ethiopia’s economy grew by 9.2 percent in the 2024/25 fiscal year, driven by strong performance across agriculture, industry, exports, and other key sectors, President Taye Atske-Selassie told a joint session of Parliament on Monday.

The remarks were delivered before a joint session of the House of Peoples’ Representatives and the House of Federation, convened to mark the opening of the 2025/26 fiscal year.

In the agriculture sector, the country produced 1.57 billion quintals of crops, marking a 24.7 percent increase from 1.2 billion quintals in the 2023/24 fiscal year. Industrial production capacity rose from 59 to 65 percent, while gold output reached 38.87 tons and cement production totaled 9.1 million tons, compared to 7.5 million tons the previous year.

Addis Ababa, October 2, 2025 (FMC) — The World Bank has highlighted the strategic importance of Ethiopia’s Modjo Green Logistics Centre expansion, underlining its role in boosting regional trade, domestic economic growth, and job creation.

Mariam Salim, World Bank Country Director for Ethiopia, Eritrea, South Sudan, and Sudan, told FMC that the project is critical for regional integration and trade.

“This corridor from Modjo to Djibouti, including rail, road, and supporting infrastructure, forms a central backbone of Ethiopia’s logistics system. The expansion allows more exports to flow out and imports to flow in efficiently,” she said.

Salim emphasized Ethiopia’s large domestic market and the facility’s potential to serve both national and regional economies.

Ethiopia, World Bank Strengthen Partnership on Human Capital Development

Addis Ababa, October 2, 2025 (FMC) – Ethiopia’s Finance Minister Mr. Ahmed Shide held discussions with World Bank Vice President for Human Development Mamta Murthi in Addis Ababa on the sidelines of Ethiopian Human Capital Forum here in Addis Ababa.

The discussions focused on ways to further advance Ethiopia’s human capital agenda, it has been learned.

The talks took place on the sidelines of the Human Capital Forum, where Murthi is participating as part of her visit to Ethiopia, which also included a field trip to Hawassa.

Minister Ahmed emphasized Ethiopia’s commitment to strengthening human capital through improved quality education, healthcare expansion that has reduced infant and maternal mortality, and the scaling up of safety net programs.

Addis Ababa, September 22, 2018 (FMC) — Prime Minister Abiy Ahmed (PhD) said Ethiopia’s large-scale energy projects will be key drivers for industrialization, fertilizer production, and national food self-sufficiency. His remarks came during the inauguration of the first phase of the Ogaden Liquefied Natural Gas (LNG) project and the foundation-laying of the Gode Urea Fertilizer Plant and Gode Oil Refinery in the Somali Region of Ethiopia.

“This 1,000-megawatt gas energy project — half the capacity of the Grand Ethiopian Renaissance Dam — will light the way for industrial and agricultural transformation,” the Prime Minister said, noting that reliable energy on this scale will significantly reduce dependence on imports and strengthen Ethiopia’s food production.

He confirmed that around 2,000 buses in Addis Ababa and nearby areas will switch to gas this year, cutting transportation costs by at . . .

Addis Ababa, October 3, 2025 (FMC) — Prime Minister Abiy Ahmed (PhD) said Ethiopia is determined to reclaim and surpass its industrial past with the construction of a 3.5 million-ton oil refinery and a massive urea fertilizer plant in the Somali Region.

Reflecting on Ethiopia’s industrial history, PM Abiy noted that in the 1960s, the country built an oil refinery at the port of Assab with a capacity of 500,000 metric tons, which was later expanded to 800,000 metric tons. However, the refinery was left unused following the loss of the port, a “regrettable” outcome for patriotic Ethiopians.

“Today, we are turning that setback into progress,” the Prime Minister said. “The new refinery alone will produce 3.5 million metric tons — more than four times what we lost in the past. This is how we correct past mistakes and reclaim our industrial sovereignty.”

Addis Ababa, October 2, 2025 (FMC) — China’s GCL Group today reaffirmed its commitment to Ethiopia’s industrial and energy transformation as the company joined the foundation stone-laying ceremony of the Gode Oil Refinery in Somali Region.

Addressing the historic event, GCL Group Chairman Zhu Gongshan hailed the project as a milestone in China-Ethiopia cooperation and a driver of regional development.

Prime Minister Abiy Ahmed laid the foundation stone for the Gode Oil Refinery, accompanied by Zhu Gongshan, Nigerian industrialist Aliko Dangote, senior Ethiopian government officials, and Chinese and Nigerian delegations.

The refinery, to be constructed by GCL, will have a planned capacity of 3.5 million tons per year, using crude oil and condensate from the Hilala oil field. Its establishment is part of Ethiopia’s broader industrialization agenda, which also includes the $3 billion urea fertilizer plant 

Addis Ababa, October 2, 2025 (FMC) — Ethiopia’s Modjo Green Logistics Centre, a key project funded by the World Bank, is nearing completion and is set for inauguration soon, officials confirmed.

The expansion aims to double the centre’s capacity and significantly enhance container handling, strengthening Ethiopia’s logistics sector and regional trade connectivity.

During a visit to review the project’s progress, World Bank Vice President for Eastern and Southern Africa, Dr. Ndiamé Diop, praised the pace of implementation. “Logistics is a key component of competitiveness in any country, and this project really has the potential to reduce logistics costs for Ethiopian businesses so that containers can more efficiently reach ports of destination,” he told FMC.

Addis Ababa, October 1, 2025 (FMC) — The World Bank has reaffirmed its commitment to supporting Ethiopia’s economic reform.agenda.

Finance Minister Ahmed Shide and National Bank Governor Eyob Tekalign met with World Bank Vice President for Eastern and Southern Africa Ndiamé Diop in Addis Ababa to strengthen the partnership supporting Ethiopia’s development priorities.

Diop praised Ethiopia’s progress in reducing inflation, boosting exports, and strengthening the financial sector, and emphasized the Bank’s readiness to assist in initiatives aimed at inclusive growth, market integration, expanding access to electricity, and addressing human capital gaps.

Shide thanked the World Bank for its broad support and highlighted the results of Ethiopia’s reforms, including inflation reduction, growing exports, and increased revenues.

Addis Ababa, September 29, 2025 (FMC) – Ethiopia will officially begin implementing the African Continental Free Trade Area Agreement (AfCFTA) next week, while also moving closer to securing membership in the World Trade Organization (WTO), Minister of Trade and Regional Integration Kassahun Gofe (PhD) announced.

Briefing the media on the outcomes of the 6th WTO Working Party meeting in Geneva, the Minister said Ethiopia’s accession process had made significant progress, with the submission of a 650-page negotiating document that was accepted for review.

He noted that more than 30 countries expressed support for Ethiopia’s bid, and that over 200 requests had been received from WTO members interested in future market access negotiations.

The 7th Working Party meeting is scheduled for January, the Minister confirmed.

Addis Ababa, September 29, 2025 (FMC) — The National Bank of Ethiopia (NBE) has maintained a tight monetary policy stance while raising the credit growth target for the fiscal year 2025/26, according to a press release issued by the central bank on Monday. The announcement follows the fourth meeting of the NBE’s Monetary Policy Committee (MPC), held on September 25, 2025.

The Committee, responsible for recommending monetary policies for endorsement by the NBE Board, reviews Ethiopia’s economic performance, inflation trends, monetary and financial developments, fiscal and external sector conditions, and global factors affecting the economy.

The press release noted that inflation in August 2025 eased to 13.6 percent, reflecting a continued downward trend supported by the Bank’s tight monetary stance, improved agricultural output, and gradual adjustments in administered prices.

Addis Ababa, September 22, 2025 (FMC) – Eyob Tekalign, the newly appointed Governor of the National Bank of Ethiopia, is in Beijing, leading a high-level Ethiopian delegation on a visit to China this week to engage with senior government and commercial partners.

The delegation met with officials from China’s Ministry of Finance, the People’s Bank of China, and the Export-Import Bank of China, along with representatives from major financial and commercial institutions.

The visit aims to accelerate Ethiopia’s recently concluded debt restructuring agreement with the Official Creditors Committee, co-chaired by China and France, according to a press note sent to FMC from the delegation.

The delegation will also provide updates on the Home-Grown Economic Reform Agenda, explore potential investment projects, and reaffirm Ethiopia’s commitment to strengthening economic ties with Chinese partners.

Addis Ababa, September 8, 2025 (FMC) — Finance Minister Ahmed Shide praised Ethiopia’s successful reforms and resilience over the past seven years, emphasizing that the nation has built a strong foundation for a secure and competitive economy.

The remarks came during the 3rd Pagumen Progress Day, held at the Addis Ababa Science Museum under the theme “Achievement for Sustainable Growth,” an event celebrating Ethiopia’s reform-driven accomplishments and development milestones since 2017.

The celebration was attended by Finance Minister Ahmed Shide, Industry Minister Melaku Alebel, Mines Minister Engineer Habtamu Tegene, along with state ministers, senior officials, and invited guests.

Addis Ababa, August 28, 2025 (FMC) — Ethiopia’s Finance Minister Ahmed Shide has described the fertilizer investment agreement signed with the Dangote Group as a historic milestone that will usher in a “new economic renaissance” for the country by advancing agriculture, industry, and mining.

Addressing the signing ceremony in the presence of Prime Minister Abiy Ahmed, Ahmed said the $2.5 billion agreement is designed to end Ethiopia’s dependence on fertilizer imports, save close to $1 billion in foreign exchange annually, and transform the country into a regional hub for fertilizer production.

The fertilizer complex, to be established in Gode, Somali region, will utilize natural gas from the Calub and Hilala fields through a dedicated pipeline.

Addis Ababa, August 23, 2025 (FMC) — Prime Minister Abiy Ahmed (PhD) announced that Ethiopia’s largest modern gold facility, the Kurmuk Gold Factory in Benishangul-Gumuz, is set to begin production at half capacity next year, a landmark step expected to generate up to 1 billion dollars annually and reinforce the country’s strategic development agenda.

During his visit to the facility, located about 100 kilometers from Assosa, Abiy described the factory as a flagship project in Ethiopia’s mining sector. Covering over 20 square kilometers, the site includes three dams and residential camps accommodating thousands of workers.

“By next year, half of the factory’s capacity will go into production,” the Prime Minister said, highlighting the fast-paced progress and the wide gold potential of the region. Once fully operational, the Kurmuk Gold Factory will place Ethiopia among the leading gold producers in East Africa.