Africa’s richest man, Aliko Dangote, said he plans to invest $2 billion in a phosphate project in Togo that could make the country one of the main suppliers of fertilizer in West Africa, according to Bloomberg.
In addition, Dangote is planning to build a cement factory in the Togolese capital of Lome.
Togo could become a major fertilizer supplier thanks to Africa’s richest man Aliko Dangote investing in a $2 billion phosphate project in Lome. In this photo taken, Monday, Oct. 8, 2012, Nigerian billionaire businessman Aliko Dangote attends a global business environment meeting in Lagos, Nigeria. Image: AP Photo/Sunday Alamba, file
Dangote’s firm, Nigerian industrial conglomerate Dangote Industries, plans to make fertilizer from the phosphate mined in Togo before exporting it throughout West Africa.
Until now, Dangote Industries has been importing phosphate from Togo to make fertilizer in Nigeria. The new project means that Dangote will begin producing fertilizer in Togo by the end of 2020.
Togo has more than 2 billion tonnes of phosphate reserves and is one of the leading phosphate producers in Africa. The country’s enormous phosphate resources are mostly exported in raw form.
Dangote also signed a deal with Togo to build a cement factory at a cost of around $60 million, the billionaire’s company said in a statement.
The cement factory’s construction is set to begin in the first quarter of 2020.
The factory will be located in Lome, the Togo capital, and will have an expected annual production of 1.5 million tonnes. It will use clinker from Togo and Nigeria and will serve domestic and foreign demand from neighboring countries, Forbes reported.
Written by Kevin Mwanza