According to an official 2024 report, revenues from Senegal’s extractive sector rose to 455.99 billion CFA francs, marking a significant increase from the 380 billion recorded in 2023. For the first time, local suppliers have surpassed foreign ones, while oil and gas have given a new boost to the sector’s revenues. This positive momentum could transform Senegal’s economy
In 2024, Senegal’s extractive sector posted a record figure: 455.99 billion CFA francs in revenues, compared to 380 billion in 2023, according to the 2024 report of the Extractive Industries Transparency Initiative (EITI). This nearly 20% growth is largely explained by the start of oil production in the offshore Sangomar field and by increased integration of local suppliers. The mining sub-sector remains the main contributor, with stable revenues supported by phosphate and zircon extraction.
This proves the dynamism of the sector as well as the efforts made by the authorities to continually increase the contribution of the extractive sector.
THIALY FAYE , Chairman of the National EITI Committee
At the same time, local content has surged: for the first time, Senegalese suppliers achieved a transaction volume of over 1,110 billion CFA francs, surpassing that of foreign suppliers, estimated at 1,025 billion. This strengthening of the local supply chain could create jobs and boost the regional economy.
The hydrocarbons sector rose from 30.65 billion CFA francs in 2023 to 77.70 billion in 2024, representing an increase of 47.1 billion CFA francs. This is significant, and we believe that the upcoming report will show an even greater contribution from the hydrocarbons sector.
MAMADOU MARE FAYE, Coordinator of Oil and Gas Companies
However, this enormous growth also poses challenges. While the state collects a large share of the revenues, more than 435 billion CFA francs, the issue of sharing social and environmental benefits remains problematic. Experts are calling for more effective mechanisms to finance the rehabilitation of mining sites and support local communities.
