After years of exploration, the country discovered significant oil and natural gas resources. These discoveries promise to shake up the economic and social situation for its 18 million inhabitants. But how does Senegal intend to use these resources to transform its economy without compromising the interests of investors?
The historical discovery
In June 2024, Senegal produced its first barrel of oil. This milestone marks the country’s entry into the restricted circle of black gold producers. The Sangomar offshore field, located 100 kilometers south of Dakar, is at the heart of this operation.
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The expected daily production is 120,000 barrels, part of which will be exported and part reserved for local consumption. By the end of the year, Senegal should also begin exploiting liquefied natural gas, estimated at 2.5 million tons per year.
A promising economic impact
Although modest compared to African giants like Nigeria, Senegalese production is promising. With an estimated annual revenue of €1 billion, these resources should represent 10% of the national budget for 2024.
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This new revenue will allow Senegal to finance infrastructure projects, improve public services and reduce poverty. The Senegalese government intends to put these resources at the service of the population.
Maintaining balance with investors
The challenge for Senegal is to manage these resources without scaring away foreign investors. The country seeks to ensure a stable regulatory framework and diversify its economic partners.
The government has also taken steps to prevent corruption and ensure fair distribution of profits. These actions are crucial to maintaining investor confidence and maximizing economic returns.
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