While Senegal encounters turbulence over its elections timetable, this has not affected Aliko Dangote’s confidence in the country.

The Nigerian cement magnate has announced his intention to invest a billion dollars in phosphate in Senegal. He met with President Macky Sall on 2 February in Dakar, where he was awarded the rank of Commander of the National Order of the Lion.

In addition to his subsidiary Dangote Cement Senegal, run by his protégé Ousmane Mbaye, the billionaire is keen to expand his presence in the country. “We had fruitful discussions with His Excellency [Sall]. We intend to invest in our phosphate mining project as soon as we receive our licence,” he said.

Failed attempt in Togo

“Senegal is sitting on phosphate,” Dangote said. The country’s phosphate reserves are estimated at between 500 million and 1 billion tonnes. In 2022, the mineral produced revenues of 26bn CFA francs ($42.5m) for Senegal, according to data from the Initiative pour la Transparence dans les Industries Extractives du Sénégal.

This is not the first time Dangote has announced an intention to invest in phosphate. In 2019, Dangote Industries and the Togolese government announced the signing of a partnership to develop the phosphate industry. The Nigerian company was to invest $2bn in transforming the ore into fertiliser. But when the project failed to progress, Togo turned to OCP of Morocco to process its ore.