This highly anticipated presentation allowed Senegal’s youngest president to outline his ambitious economic transformation strategy.
“We have decided to move away from the logic of electoral emergencies,” President Faye declared, signaling his intent to break from past practices. Seven months into his presidency, he introduced a comprehensive roadmap centered on four key pillars.
The first pillar focuses on the local processing of raw materials. “In Senegal, as in many parts of Africa, we have significant mining and mineral resources that are consistently exported in their raw form,” the President emphasized, expressing his determination to “reverse this cycle” and improve the country’s trade balance.
The second pillar revolves around energy transition. The Senegalese government has set bold objectives: “Our aim from the outset was to reduce the cost of the kilowatt hour by at least 60 percent,” President Faye noted. A flagship solar energy project with a capacity of four gigawatts is currently in development, alongside recent offshore gas discoveries which offer new opportunities, especially in agriculture. “These developments are linked to lowering the energy bill and enhancing urea production for more efficient agriculture,” he explained.
Improving the business climate constitutes the third pillar of this strategy. The country plans to develop special economic zones to attract foreign investment. The Investment Promotion Agency is actively working to expand these zones and enhance their appeal.
The fourth pillar focuses on human capital. With 75 percent of its population under the age of 35 and a median age of 19, Senegal is counting on its youth to fuel economic transformation. “Each young person you see has a project,” the President stated, highlighting the recent launch of a “new technological deal” following his visit to Silicon Valley.
Vocational and technical training is central to this strategy, designed to align the workforce’s skills with market needs. Additionally, Senegal aims to host the Youth Olympic Games in 2026, which is expected to mobilize “nearly 7,500 athletes and 1,500 supervisors.”
In light of regional stability concerns, President Faye underscored Senegal’s unique position: “We have been independent since 1960. We have never experienced a coup d’état, and we recently underwent three democratic transitions,” he noted. This political stability, combined with a young and dynamic demographic, positions Senegal as an attractive destination for international investors.
Demographic forecasts further enhance this appeal, projecting that Senegal’s population will reach 38 to 40 million by 2050, contributing to a continental growth trajectory that could see Africa’s population soar to 2.5 billion. “Africa represents the future,” insisted President Faye, underscoring the significance of the ECOWAS regional market, which currently encompasses over 400 million consumers.
In a vibrant closing statement, the Senegalese President urged investors to “view Africa through a different lens.” He remarked, “Today, new, young leaders in Africa are eager to confront the delays we face across various sectors. They see untapped potential and are committed to taking on challenges and fostering new hope.” He concluded, “Come invest in Africa; there is much we can achieve together through fruitful and mutually beneficial partnerships.” President Faye’s remarks were part of the “Future Investment Initiative 2024,” taking place in Riyadh from October 29 to 31, under the theme “Infinite Horizons: Investing Today to Shape Tomorrow.” This forum, established eight years ago by Prince Mohammed bin Salman, has become a vital venue for international investors seeking emerging opportunities globally.
TE/Sf/fss/abj/APA