unctad/dite/wid country profile - senegalunctad.org/sections/dite_fdistat/docs/wid_cp_sn_en.pdf ·...

Senegal A. Definitions and sources of data Foreign direct investment (FDI) in Senegal is defined to meet certain minimum criteria - an invested capital of at least 5 million FCFA or its equivalent in United States dollars, must provide employment for at least three Senegalese nationals and must keep regular accounts in the standard Senegalese format (Loi no. 87-25 du 18 aout 1987, portant Code des Investissements). The Banque des Etats l'Afrique Centrale provided FDI data in Senegal. The International Monetary Fund also provides FDI data on Senegal in its balance-of-payments statistics. The Senegalese Investment Code provides equitable treatment of foreign firms and grants special incentives to companies willing to locate outside the Dakar region. In addition, the code offers tax holidays and tax-free export processing zones; no barriers regarding total ownership of businesses by foreigners and exonerates foreign investment from the Minimum Personal Income Tax and the Business License Tax. The establishment of a one-stop window ("Guichet Unique") at the Ministry of Finance was designed to reduce delays in examining and approving private investment programs. Applications for authorization are examined within a one-month period, and absent objections within that period, are considered approved. Senegal has a wide market access. It is a member of the Economic Community of West African States, the West African Economic and Monetary Union, New Partnership for Africa's Development and the African Union. Furthermore, Senegal benefits from the United States' market access initiative, the Africa Growth and Opportunity Act and the partnership agreement between the African, Caribbean and Pacific countries and the European Union – the Cotonou Agreement for the renegotiation of the Lomé Convention. It is also a member of the World Trade Organization. Senegal is actively involved in several international investment related organisations. It is a member of the African Organization of Intellectual Property, the International Convention for the Settlement of Investment Disputes and the Multilateral Investment Guarantee Agency. In addition, Senegal established an investment arbitration center in 1998, which is administered by the Dakar Chamber of Commerce. It has bilateral investment treaties with France, the United States, Switzerland, Denmark, Finland, Spain, Italy, the Netherlands, South Korea, Romania, Japan and Australia. Senegal has also concluded tax treaties with France, Mali and the French-speaking African states of the " Organisation Commune Africaine et Malgache".

Posted November 2006

B. Statistics on FDI and the operations of TNCs

Table 1. Summary of FDI

(Millions of dollars)

Variable Inward Outward1. FDI flows, 2002-2005 (annual average) 65.4 19.92. FDI flows as a percentage of GFCF, 2002-2005 (annual average) 4.0 1.23. FDI stock, 2005 1 125.9 193.34. FDI stock as a percentage of GDP, 2005 13.5 2.3Source: Based on tables 3a, 4a and UNCTAD, FDI/TNC database.

UNCTAD WID Country Profile: SENEGAL of 14

Table 3a. FDI flows, by type of investment, 1980-2005


Inward investment Outward investment

Year1980 -6.8 8.0 13.3 14.5 0.2 .. 1.3 1.61981 4.7 8.7 20.9 34.4 -2.5 .. 17.3 14.81982 -0.3 11.6 16.8 28.1 3.1 0.1 14.8 18.01983 0.4 5.5 -40.5 -34.7 2.8 .. -4.4 -1.61984 1.3 8.0 19.8 29.1 1.1 .. 0.7 1.91985 4.5 5.0 -25.3 -18.9 -0.1 .. 3.3 3.11986 1.2 3.5 -13.1 -3.8 1.9 .. -6.6 -4.71987 3.4 5.3 -12.6 -2.1 0.6 .. -2.5 -1.91988 1.7 12.0 1.3 1.2 1.3 .. 12.4 13.81989 2.8 14.3 9.7 18.2 8.9 .. -0.3 8.61990 5.4 43.4 8.0 56.9 3.2 .. -12.7 -9.51991 4.0 -10.4 -1.2 -7.4 -8.9 .. -10.2 -19.11992 2.1 -12.8 32.1 21.5 12.1 .. 39.3 51.41993 2.4 -2.0 -1.2 -0.7 -0.1 .. 0.4 0.41994 -0.4 19.1 48.3 66.8 5.9 .. 11.5 17.51995 -0.2 14.3 17.6 35.1 -12.5 .. 9.2 -3.41996 1.0 0.3 7.1 5.5 -0.2 1.0 2.2 2.01997 156.7 4.4 15.3 176.8 0.5 0.4 -1.3 0.91998 63.8 6.2 0.9 60.3 7.3 0.2 3.0 10.31999 124.4 21.5 7.4 153.2 8.1 0.1 2.9 11.12000 16.2 23.6 23.1 62.9 1.0 - -0.4 0.62001 -28.7 35.2 25.4 31.9 -0.2 - -7.3 -7.02002 43.7 41.6 -7.3 78.1 33.4 - 0.6 34.02003 72.6 -8.5 -11.5 52.5 -5.6 2.9 5.4 2.72004 90.2 -10.2 -3.0 77.0 1.8 5.4 5.9 13.12005 .. .. .. 54.0 .. .. .. 29.8

Source : UNCTAD, FDI/TNC database. Note : FDI inflows: IMF for 1980-1984 and Banque Centrale de l'Afrique de l'Ouest (BCEAO) for 1985-2004. FDIoutflows: IMF for 1980-1989 and BCEAO for 1990-2004.

Equity Reinvested earnings

Intra-company

loansTotalEquity Reinvested

earnings

Intra-company

loansTotal


Table 4a. FDI stock, by type of investment, 1980-2005


Inward Investment Outward Investment

Year

1980 .. .. 149.9 .. .. .. 6.91981 .. .. 184.3 .. .. .. 21.71982 .. .. 212.4 .. .. .. 39.61983 .. .. 177.7 .. .. .. 38.01984 .. .. 206.8 .. .. .. 39.91985 .. .. 187.9 .. .. .. 43.01986 .. .. 184.1 .. .. .. 38.31987 .. .. 182.0 .. .. .. 36.51988 .. .. 183.2 .. .. .. 50.21989 .. .. 201.4 .. .. .. 58.81990 .. .. 258.3 .. .. .. 49.31991 .. .. 250.9 .. .. .. 30.11992 .. .. 272.4 .. .. .. 81.51993 .. .. 271.7 .. .. .. 81.91994 .. .. 338.5 .. .. .. 99.31995 .. .. 373.6 .. .. .. 95.91996 .. .. 379.0 .. .. .. 97.91997 .. .. 555.9 .. .. .. 98.71998 .. .. 616.2 .. .. .. 109.11999 302.0 27.4 769.4 .. .. .. 120.12000 254.7 39.9 832.4 .. .. .. 120.82001 155.3 38.9 864.3 .. .. .. 113.72002 196.6 45.0 942.4 .. .. .. 147.82003 296.6 49.9 994.9 .. .. .. 150.42004 .. .. 1 071.9 .. .. .. 163.52005 .. .. 1 125.9 .. .. .. 193.3

Source : UNCTAD, FDI/TNC database. Note : FDI inward stock: Estimated by accumulating inflows since 1970. FDI outward stock: Estimated byaccumulating inflows since 1972.

Reinvested earnings

Intra-company

loansTotal

Equity/Re-invested earnings

Intra-company

loansTotal Equity


Economy 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004Belgium / Luxembourg -0.2 0.4 -1.6 -1.1 1.3 0.4 1.3 0.3 0.6 1.1 1.8 .. .. .. ..Belgium .. .. .. .. .. .. .. .. .. .. .. .. 0.9 .. ..France 0.7 7.6 .. 4.4 36.2 4.8 27.6 127.8 .. 94.8 20.3 28.6 .. .. ..Germany 4.8 -4.7 .. .. .. 1.4 .. .. 1.1 .. .. .. 6.6 1.1 9.9Portugal .. .. .. .. .. .. 0.2 0.0 0.2 1.5 1.3 0.7 0.0 0.1 0.1Tunisia .. 1 .. .. .. .. .. .. .. .. .. .. .. .. ..United States -1 -1 -6 -2 11 4 6 8 5 9 .. 3 1 -11 -3Source: UNCTAD, FDI/TNC database.Note: Data are based on information reported by the economies listed above.

Economy 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004Belgium / Luxembourg 1.0 0.2 0.1 0.1 -0.7 .. 0.1 -0.1 .. .. .. .. .. .. ..Cape Verde .. .. .. 0.0 .. .. .. .. .. .. .. .. .. .. ..China .. .. .. .. .. 0.0 .. .. .. .. .. .. .. .. ..France -9.7 1.1 -0.4 1.8 4.5 15.6 7.0 10.3 .. 4.3 .. -0.9 5.6 35.0 ..Germany .. .. .. -1.2 .. .. .. .. .. .. .. 2.7 .. .. 1.2Portugal .. .. .. .. .. .. 0.0 .. .. 0.0 .. .. 0.1 .. ..United States .. .. .. .. .. .. .. 1.0 1.0 .. .. .. .. .. ..Source: UNCTAD, FDI/TNC database.Note: Data are based on information reported by the economies listed above.

Economy 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004France 97.5 106.9 149.8 .. .. .. .. .. 175.6 .. .. .. .. .. ..Portugal .. .. .. .. .. .. 0.0 0.0 0.6 2.0 2.9 3.4 1.7 2.6 ..United States 19 19 13 13 26 36 50 58 67 67 30 33 39 38 38Source: UNCTAD, FDI/TNC database.Note: Data are based on information reported by the economies listed above.

Economy 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003Cape Verde .. .. .. .. .. .. .. .. .. .. .. .. .. ..France 5.7 3.7 5.1 .. .. .. .. .. .. .. .. .. .. ..Portugal .. .. .. .. .. .. .. .. .. .. .. .. 0.1 0.2Source : UNCTAD, FDI/TNC database.Note: Data are based on information reported by the economies listed above.

Table no. Variable 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 200323 Number 8 7 7 6 8 8 7 7 7 6 5 5 5 530 Assets 233 220 .. 216 .. .. 218 271 273 .. 119 124 121 11735 Employment 0.6 0.6 0.5 0.5 0.8 0.9 0.6 0.8 0.8 0.7 0.5 0.5 0.5 0.540 Wages and Salaries 11 10 11 10 8 9 8 13 12 12 9 9 10 645 Sales 399 355 .. 262 .. .. 285 315 265 .. 167 173 170 15950 Value Added a .. .. .. .. 27 29 22 29 31 37 39 38 38 32

Source: UNCTAD, FDI/TNC database.Note: Data are based on information reported by the United States.a Majority-owned affiliates of United States TNCs

(Number, thousands of employees and millions of dollars)

Tables 23, 30, 35, 40, 45 and 50. The number, assets, employees, wages and salaries, sales and value added of foreign affiliates of United States' TNCs in Senegal, 1990-2003

Table 6. FDI flows in the host economy, by geographical origin, 1990-2004


Table 9. FDI flows abroad, by geographical destination, 1990-2004


Table 12. FDI stock in the host economy, by geographical origin, 1990-2004


Table 15. FDI stock abroad, by geographical destination, 1990-2003



Table 86. Largest home-based TNCs, 2004(Millions of dollars and number)

Company Name Industry Sales Employees

A. Industrial

Etaperu Afrique de l'Ouest Motor vehicles and trailers .. 50 a

B. Tertiary

Société Industrielle Transport et de Manutention Transport and storage .. 251 a

Buhan et Teisseiere Other business services .. 121 a

C. Finance and Insurance Assets Employees

Compagnie Bancaire de l'Afrique Occidentale Finance 232 254 b

a Estimate. b 2001.

Sources: The Banker's Almanac , 2003 (London, Reed Information Services Ltd, 2003); Thomson Analytics

(http://analytics.thomsonib.com/); Who Owns Whom database (https://solutions.dnb.com/wow).


Table 87. Largest foreign affiliates of home-based TNCs, 2004

(Millions of dollars and number)

Company Name Host economy Industry Sales Employees

A. Industrial

Etaperu Côte d'Ivoire Côte d'Ivoire Motor vehicles and trailers .. 43 a

B. Tertiary

Grenie France Wholesale trade 12 54 b

Sitram International Shipping Agencies Côte d'Ivoire Transport .. 251 a


.. .. .. .. ..

a Estimate. b 2003 .

Sources: The Banker's Almanac, 2003 (London, Reed Information Services Ltd, 2003); Thomson Analytics(http://analytics.thomsonib.com/); Who Owns Whom database (https://solutions.dnb.com/wow).


Table 88. Largest affiliates of foreign TNCs in the host economy, 2004

(Millions of dollars and number)

Company Home economyIndustry Sales Employees

A. Industrial

Groupe CFAO Senegal France Diversified 116 383Manufacture de Tabacs de l' Ouest Africaine France Food products, beverages and tabacco 49 410 a

Laborex France Chemicals and chemical products 31 122 a

Société Sénégalaise Oxygène d'Acétylène France Non metallic mineral products 9 80 a

Aventis Pharma France Chemicals and chemical products 8 118 a

Société Africaine d'Impression Industrielle France Printing and publishing 5 64 a

Société Fourniture l'Industrie Constructions Africaines France Machinery and equipment 4 45 a

Collchimie Senegal United Kingdom Chemicals and chemical products 4 18 a

Société Ouest Africaine des Ciments France Mining and quarrying .. 891 b

Société Nouvelle Salins du Sine Saloum France Chemicals and chemical products .. 482 b

Société Africaine de Raffinage Netherlands Petroleum .. 228 a

Nestle Senegal Switzerland Food products, beverages and tabacco .. 216 b

Nouvelles Savonneries de l' Ouest Africain United States Chemicals and chemical products .. 200 b

Carnaud Metalbox Senegal United States Machinery and equipment .. 134 b

Laboratoire Canonne Valdafrique France Chemicals and chemical products .. 74 b

B. Tertiary

Total Senegal France Wholesale trade 263 192Shell Senegal Netherlands Wholesale trade 207 160Sococim (Vicat) France Construction 140 406Air Senegal International Morocco Transportation 124 466Senousiap Senegal France Transport and storage 3 120 a

Dakar Catering France Distributive trade .. 215 b

Saga Senegal France Supporting transport activities .. 202 b

Société Africaine d'Entreprises Maritimes France Transport and storage .. 180 a

ABB Herlicq India Construction .. 90 b

Société Tropicale de Distribution de Produits Pharmaceutiques France Wholesale trade .. 80 b

Société Africaine de Sondage Injections et Forages France Construction .. 79 b

Les Spécialistes de l'Energie France Electricity, gas and water .. 55 b

Société de Dévelopement de L'Industrie, du Tourisme et de l'Habitat France Wholesale trade .. 50 b

McCann-Erickson United States Research and development .. 40 b

Bull Senegal France Wholesale trade .. 39 b


Caisse Nationale de Crédit Agricole France Finance 106 .. c

Banque Islamique Switzerland Finance 16 34 a

Banque Internationale Commerce France Finance .. 500 b

Assurances Générales Sénégalaises Germany Insurance .. 96 b

Crédit Lyonnais Senegal France Finance .. ..Société Générale de Banque au Senegal France Finance .. ..AGF Senegal Assurances Germany Insurance .. ..

a 2002. c Estimate. b 2000.

Sources: The Banker's Almanac , 2003 (London, Reed Information Services Ltd, 2003); Thomson Analytics(http://analytics.thomsonib.com/);Who Owns Whom database (https://solutions.dnb.com/wow);L'intelligent Jeune Afrique, "The AfricaReport: Top 500 companies" (March 2006).


C. Legal frameworks for transnational corporations In Senegal, many national, bilateral and multilateral legal instruments exist to regulate the activities of the transnational corporations and foreign direct investors. The key applicable legal instruments include the following: I. National framework Law No. 87-24 of 18 August 1987 setting forth the Investment Code, repeals the Investment Code of 1981 and the special provisions relating to small and medium-sized enterprises of Law No. 81-51 of 10 July 1981. Source: Journal Officiel de la Republique du Senegal (Official Journal) No. 5190 of 29 August 1987. As amended by Law No. 89-31 of 12 October 1989. Source: Journal Officiel de la Republique du Senegal No. 5314 of 21 October 1989, p. 409. Decrees No. 88-194 and 88-197 of 18 February 1988, and Decree No. 88-256 of 11 March 1988, Implementing Art. 20, 19 and 16 of Law No. 87-25 of 18 August 1987. Source: Journal Officiel de la Republique du Senegal No. 5226 of 26 March 1988, pp. 184-185, and No. 5230 of 23 April, 1988, p. 265. Decree No. 87-1581 of 30 December 1987 Creating a Special Section within the Ministry of Economy and Finance for the Implementation of Law No. 87-25 of 18 August 1987. Source: Journal Officiel de la Republique du Senegal No. 5222 of 5 March 1988, p. 145. Arrete No. 2089 M.E.F. of 19 February 1988 Implementing Art. 5 of Decree No. 87-1581 of 30 December 1987. Source: Journal Officiel de la Republique du senegal No. 5230 of 23 April 1988, p. 268. Law No. 74-06 of 22 April 1974 establishing the Industrial Free Zone of Dakar. Source: Journal Officiel de la Republique du Senegal No. 4356 of 18 May 1974, p. 740. Amendment: Law No. 89-32 of 12 October 1989. Source: Journal Officiel de la Republique du Senegal No. 5314 of 21 October 1989, p. 410. Decree No. 75-543 of 20 May 1975 Regulating the Operation of the "Comite d'Agrement" of the Industrial Free Zone of Dakar. Source: International Center for Settlement of Investment Disputes (ICSID), Laws of the World, Release 88-1, August 1988, p. 55. Regulations Concerning the Establishment of Companies in the Industrial Free Zone of Dakar. Source: International Center for Settlement of Investment Disputes (ICSID), Laws of the World, p. 57. Law No. 84-64 setting the modalities for the liquidation of public establishments, national companies and joint ventures, 16 August 1984 Source: World Bank, Technical Paper No. 186, "Divestiture of State Enterprises". An overview of the legal framework. Presidential order No. 86-1370/MEF/DGT/DP establishing a special commission on the disengagement of the state, 8 November 1986. Source: World Bank, Technical Paper No. 186, "Divestiture of State Enterprises". An overview of the legal framework. Law No. 87/23 on the privatisation of enterprises, 18 August 1987.


Source: World Bank, Technical Paper No. 186, "Divestiture of State Enterprises". An overview of the legal framework. Decree No. 87-1476 on the organisation and operations of the special commission for monitoring the disengagement of the state, 27 November 1987. Source: World Bank, Technical Paper No. 186, "Divestiture of State Enterprises". An overview of the legal framework. Decree No. 88-232 organising the procedure for the public offering of shares held by the state, 4 March 1988. Source: World Bank, Technical Paper No. 186, "Divestiture of State Enterprises". An overview of the legal framework. Decree No. 88-233 setting the conditions for tenders for the divestiture of shares held by the state in public enterprises to be privatised, 4 March 1988. Source: World Bank, Technical Paper No. 186, "Divestiture of State Enterprises". An overview of the legal framework. Law No. 86-05 of 24 January 1986 which Amends Law No. 73-52 of 4 December 1973 on Copyright. Source: World Intellectual Property Organisation. Copyright Laws and Treaties, No. 1, January 1989 Patents: Bangui Agreement, March 1977 (Annex I), as last amended in February 1999. Source: WIPO (http://www.wipo.org). Trade Marks: Bangui Agreement, March 1977 (Annex III), as last amended in February 1999. Source: WIPO (http://www.wipo.org). Industrial Designs: Bangui Agreement, March 1977 (Annexes II and IV), as last amended in February 1999. Source: WIPO (http://www.wipo.org). Law No. 73-52, December 1973. Source: WIPO (http://www.wipo.org). II. International Framework A. Senegal is a party to the following multilateral and regional instruments: Paris Convention for the Protection of Industrial Property of 1883 (Revised at Brussels in 1900, Washington in 1911, The Hague in 1925, London in 1934, Lisbon in 1958 and Stockholm in 1967, and as amended in 1979). Signed in 1994. Convention on the Settlement of Investment Disputes between States and Nationals of other States of 1965. Entered into force on 14 October 1966 Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 1958, which entered into force on 7th June 1959. Convention Establishing the Multilateral Investment Guarantee Agency of 1985, entered into force on 12 April 1988. Marrakesh Agreement Establishing the World Trade Organisation of 15 April 1994. Entered into force on 1 January 1995. Agreement on Trade-Related Investment Measures. General Agreement on Trade in Services.


Agreement on Trade Related Aspects of Intellectual Property Rights. Revised Treaty of the Economic Community of West African States. ECOWAS. Agreement for the Promotion, Protection and Guarantee of Investment Among Member States of the Organization of Islamic Conference, of I June 1981; entered into force on 23 September 1986. Articles of Agreement of the Islamic Corporation for the Insurance of Investment and Export Credit of 19 February 1992. Entered into force on 1 August 1994. B. Bilateral treaties 1. Bilateral investment treaties for the protection and promotion of investments: Switzerland 1962, Germany 1964, Sweden 1967, France 1974, Netherlands 1979, Romania 1980, United Kingdom 1980, United States 1983, Korea, Republic of 1984, Tunisia 1984, Argentina 1993, Taiwan Province of China 1997, Egypt 1998, Qatar 1998, South Africa 1998, Malaysia 1999, Morocco 2001, Mauritius 2002. 2. Bilateral treaties for the avoidance of double taxation: Mauritania 1971, France 1974, Tunisia 1984, Belgium 1987, Norway 1994, Taiwan Province of China 1999, Canada 2001, Egypt 2001, Morocco 2001, Mauritius 2002, Morocco 2002.


D. Sources of Information A. Official Banque des Etats l'Afrique Centrale (www.beac.int). B. Secondary

Bayliss, K. (2002). Privatization and poverty: the distribution impact of utility privatisation (London: Public Services International Research Unit).

Bennell, Paul (1997). "Foreign direct investment in Africa: rhetoric and reality", SAIS Review (Summer/Fall); pp. 127-139.

___________________(1997). "Privatization in Sub-Saharan Africa: progress and prospects during the 1990s", World Development, vol. 25, no. 11, pp. 1785-1803.

Dembele, Demba, Moussa (2003) Debt and destruction in Senegal: a study of twenty years of IMF and World Bank policies (Washington D.C.: World Development Movement).

Economist Intelligence Unit (EIU) (2002a). Country Profile: Senegal (London: EIU Ltd.).

___________________(2002b). Country Report: Senegal (London: EIU Ltd.), April.

___________________(2005a). Country Profile: Senegal (London: EIU Ltd.).

___________________(2005b). Country Report: Senegal (London: EIU Ltd.), April.

International Monetary Fund (IMF) (2006). IMF's Sub-Saharan Africa Regional Economic Outlook, March 10, 2006. (Washington D.C.: IMF).

Marino, Andrea (2000). "The impact of FDI on developing countries' growth: trade policy matters". (National Institute of Statistics, Italy).

Multilateral Investment Guarantee Agency (MIGA) (2002). Annual Report 2002 (Washington D.C.: MIGA).

Pigeau, F. (2002). Senegalise chicken debated at the WTO: subsidized imports ruin the industry

(Liberation).

Soderbom, M. and F. Teal (2004). "Size and Efficiency in Africa Manufacturing firms: Evidence from Firm-Level Panel Data." Journal of Development Economics, 73. pp 369 - 394.

Sow, Abdoul, Souleye (2003). "Senegal: difficulties to be overcome" (Social Watch/149). United Nations Conference on Trade and Development (UNCTAD) (2005a). Investor-Disputes Arising

from Investment Treaties: A Review. UNCTAD Series of International Investment Policies for Development (UNCTAD/ITE/IIT/2005/4).

___________________(2005b). A Survey of Support by Investment Promotion Agencies to Linkages.

Advisory Studies No. 18 (UNCTAD/ITE/IPC/2005/12).


___________________(2005c). FDI in least developed countries at a glance: 2005/2006 (UNCTAD/ITE/IIA/2005/17).

United States Trade Representative (2006). 2006 Comprehensive Report on U.S. Trade and Investment Policy Toward Sub-Saharan Africa and Implementation of the Africa Growth and Opportunity Act: The Sixth of Eight Annual Reports, May 2006. (Washington D.C.: US Government).

World Bank (2002). Global Economic Prospects and the Developing Countries 2003: Investing to Unlock Opportunities (Washington D.C.: World Bank).

__________________(2005). Une evaluation du Climat des Investissement; Senegal. Mars, 2005.

Rapport No xx - Sen. Zeiger, L. and P. Michelini (1989). "Untapped mineral resources of West Africa offer opportunities for

trade and investment in the 1990s", Business America, 110(24), December, pp 28-31.


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