(Ecofin Agency) - Senegalese President Bassirou Diomaye Faye recently met with Nigerian businessman Aliko Dangote and Afreximbank President Benedict Oramah to discuss potential partnerships across key sectors. The pan-African trade finance institution shared details of the meeting on X (formerly Twitter) on February 16.

Discussions focused on financing and investment opportunities in strategic industries such as energy, fertilizer production, and manufacturing. The goal is to boost Senegal’s productivity and support the country’s 2024-2029 National Development Plan.

En début de soirée, le Président de la République, Bassirou Diomaye Faye @PR_Senegal ??, a reçu en audience l’homme d’affaires Prof Benedict Oramah, Président d’Afreximbank ainsi que le nigérian Aliko Dangote @AlikoDangote @DangoteGroup.

Les discussions ont porté sur les… pic.twitter.com/Ob0mvGepmw

— African Export-Import Bank - Afreximbank (@afreximbank) February 16, 2025

The country has been working to diversify its funding sources and attract foreign investment to drive economic growth. The Business Environment and Competitiveness Reform Program (PREAC III), launched under former President Macky Sall, led to major reforms, including updates to labor laws and the investment code.

Moreover, the government has introduced policies to support startups and small businesses while developing investment hubs outside the capital, Dakar. These efforts helped Senegal secure $2.64 billion in foreign direct investment (FDI) in 2023, according to the United Nations Conference on Trade and Development (UNCTAD).

Looking ahead to 2025, Senegal plans to stimulate public investment and boost hydrocarbon exports, particularly in oil and gas. The government is also implementing measures to attract private investors and improve energy sector efficiency.

As part of the 2025-2029 National Development Strategy, authorities aim to promote localized economic growth by developing regional hubs that leverage each area’s unique resources. This strategy, structured around four pillars, has an estimated budget of CFA18.5 trillion ($29.5 billion).

Let’s note that this is not the first time Aliko Dangote has explored business opportunities in West Africa. In January, he visited Guinea to discuss a public-private partnership with President Mamadi Doumbouya, focusing on hydrocarbons, agriculture, and banking. Meanwhile, Dangote Industries has faced financial challenges, leading Fitch Ratings to withdraw all ratings for the group after keeping it under negative watch due to refinancing difficulties.

Despite these setbacks, the company remains focused on its massive refinery project in Lekki, Nigeria, as a key driver of expansion. However, the refinery has yet to reach full production capacity, limiting its ability to generate the revenue needed to ease financial pressures.