Africa’s richest man Aliko Dangote plans fresh investments in Senegal

Just days after breaking ground on a $2.5 billion fertilizer plant in Ethiopia, Africa’s richest man, Aliko Dangote, is turning his attention to Senegal. The Nigerian billionaire met this week with President Bassirou Diomaye Faye in Dakar to discuss new investment opportunities that could expand his business footprint in the West African nation.

Dangote meets President Faye on development

Dangote, who chairs the Dangote Group, already operates a 1.5-million-tonne cement plant in Pout, a town in Senegal’s Thiès Region. During his meeting with President Faye, which was also attended by Okey Oramah, president of Afreximbank, Dangote expressed interest in financing and developing projects across energy, fertilizer, and industrial sectors. The discussions aligned closely with Senegal’s National Development Strategy for 2024–2029.

The talks mark a renewed effort to boost Senegal’s industrial capacity and strengthen private-sector partnerships across Africa. With an estimated fortune of $29.1 billion, according to the Bloomberg Billionaires Index, Dangote praised the government’s “Invest in Senegal Forum,” saying he remains committed to deepening ties with the country and encouraging other investors to participate in its growth.

Dangote eyes Senegal’s industrial growth

Senegal’s economy is forecast to grow by 8.4 percent in 2025, up from 6.7 percent this year, despite post-election uncertainties that briefly slowed construction and infrastructure projects. The rebound reflects confidence in the cement and manufacturing markets, supported by strong demand, rich limestone reserves, and improving regional relations.

Dangote’s latest move follows his recent expansion in Ethiopia, where construction began on a $2.5 billion fertilizer plant designed to produce three million tonnes of urea annually. The facility, developed with Ethiopian Investment Holdings, will turn the country’s natural gas resources into fertilizer for local farmers. Prime Minister Abiy Ahmed called the project a symbol of “unity and shared progress.”

Dangote strengthens investment in Senegal

Dangote’s renewed commitment signals a strong vote of confidence in Senegal’s long-term economic outlook and its role in West Africa’s industrial future. In Senegal, his cement empire, Dangote Cement has invested about N64.8 billion ($44 million) through its local subsidiary, Dangote Cement Senegal S.A., which is 99.99 percent owned by the parent company.

The unit sold 573,700 tonnes of cement in the first half of 2025—a 29 percent drop from a year earlier—reflecting a brief slowdown following the political transition.