( CNN ) -- Senegal on Saturday unveiled a colossal statue during a lavish ceremony amid reports of criticism over the monument 's construction at a time when the western African nation is struggling financially . The 164-foot structure -- about a foot taller than the Statue of Liberty -- shows the figures of a man , a woman and a child , arms outstretched , facing the Atlantic Ocean . President Abdoulaye Wade says the statue , which he designed , is a monument to Africa 's renaissance . Critics say the opulent copper structure is merely the product of the president 's own self-indulgent vision and poor governance . And though it dominates the skyline of Senegal 's capital , Dakar , the monument falls far short of the president 's claim that it is the world 's largest . Several other statues are listed by multiple sources to be taller , including China 's Spring Temple Buddha , which stands just under 420 feet . Opposition group Benno Siggil Senegal called on the Senegalese people to `` refuse to associate themselves with a fraudulent scheme designed to satisfy the fantasies of Abdoulaye Wade and to lay the foundations of dynastic reign of Wade on our country , '' according to the African Press Agency . A spokeswoman for the president sought to downplay criticism Saturday , saying the statue -- valued at roughly $ 20 million -- was made possible by a land deal between Wade and North Korea , and that proceeds from the monument will benefit Senegalese children . The statue is `` an affirmation to be proud of Africa -- to be proud to be black , '' said spokeswoman Gia Abrassart . Other dignitaries in attendance at Saturday 's ceremony , which coincided with the 50th anniversary of Senegal 's independence , echoed that message . `` This renaissance statue is a powerful idea from a powerful mind , '' said the Rev . Jesse Jackson in remarks to the crowd of hundreds waving flags at the foot of the lighted monument . `` This is dedicated to the journey of our ancestors , enslaved but not slaves . '' Malawi President Bingu Wa Mutharika praised Wade for constructing a monument that represents Africa . `` This monument does not belong to Senegal , '' he said . `` It belongs to the African people wherever we are . '' North Korea , which made the statue 's construction possible , also sent Wade a congratulatory message , the state-run Korean Central News Agency reported . In exchange for the money to build the statue , North Korea received a piece of Senegalese land , Abrassart said . The message from top North Korean official Kim Yong Nam `` expressed belief that the friendly and cooperative relations between the two countries would grow stronger in various fields in the future , too , '' according to KCNA . CNN 's Sarah Aarthun contributed to this report .
According to African Renaissance , at 164 feet , is 1 foot taller than Statue of Liberty . Critics say it is a symbol of President Virginia Wade 's self - indulgence . Spokesman for Wade says it was made possible by his deal with North Korea . The Rev . Jesse Jackson : ` ` This is dedicated to the memory of our ancestors ''