(Ecofin Agency) - Nigerian billionaire Aliko Dangote announced an investment of over $1 billion to develop a phosphate project in Senegal. The announcement came on Friday, February 2, following fruitful discussions with Senegalese President Macky Sall at the Presidential Palace in Dakar.

The investor stressed that the project will commence “as soon as we receive our license”. Senegal boasts phosphate reserves exceeding one billion tons, providing a resource for about 500 years based on an average annual production of 2 million tons. The mineral, crucial for fertilizer manufacturing, is already exploited by local companies such as Société Sénégalaise des Phosphates de Thiès, Société Minière de la Vallée du fleuve Sénégal, Baobab Mining and Chemical Corp, and Industries Chimiques du Sénégal. These firms export a portion of their production in the form of ready-to-use fertilizers, phosphoric acid, and phosphate rock.

Dangote Group has been present in Senegal since 2015 through a cement plant located in the Thies region. This latest investment marks a strategic move by the Nigerian businessman into Senegal's thriving phosphate industry.

Let’s note that during the audience with the President, Dangote was also honored with the title of Commander in the National Order of the Lion, the highest distinction bestowed by the Republic of Senegal upon distinguished civilian and military personalities.