Billionaire Dangote, Togo agree to $2 Billion phosphate project

Billionaire Dangote, Togo agree to $2 Billion phosphate project

Dangote Industries will invest in a $2 billion phosphate project in Togo. This move will help position it to become a main supplier of fertilizer in West Africa.

The company controlled by Nigerian billionaire Aliko Dangote will mine an estimated 2 billion tons of phosphate in nearby Togo. It plans to process as much as 1 million tons of fertilizer a year at a new complex in Lagos, according to a joint statement by the company and the Togolese presidency.

“Under the agreement, Togo will provide access to phosphate resources. The Dangote Group will provide access to ammonia and to the Nigerian market,” the parties said in the statement. Ammonia is a key ingredient in the production of phosphate fertilizer.

Also Read: Dangote Refinery partners with FG for production of crude oil feedstocks

Nigeria accounts for as much as 50% of harvested land in West Africa. This makes it a top market for fertilizer consumption growth, according to London-based commodities consultancy CRU.

Dangote is also planning to build a cement plant with an annual capacity of 1.5 million tons in the Togolese capital of Lome, according to the statement. The $60 million facility is scheduled to start operating by the end of next year, using clinker from Togo and Nigeria.


About The Author


I Workout, I Write, I Run Fitness buff first. Also curate articles along the technology, wellness, and health lines. Best described as a Fitpreneur.

Related posts

Leave a Reply

Your email address will not be published. Required fields are marked *