Senegal is betting on the Forum Invest in Senegal 2025 (Fii 2025) to draw a new wave of foreign investment, as the West African nation prepares to showcase energy, infrastructure and digital projects to global investors on its home turf this week.

The two-day event opens on October 7 under the patronage of President Bassirou Diomaye Faye – whose presence will be more than ceremonial: Africa’s elected youngest head of state has extended presidential patronage to such large forums to reinforce Senegal’s role in regional energy diplomacy, and as a stable pro-business democracy.

Fii 2025 comes on the heels of the African Energy Week (AEW): Invest in African Energies 2025 conference in Cape Town last week, where Birame Souleye Diop, Minister of Energy and Mines, announced that Senegal would finalise a review of its oil and gas codes ahead of yet another headline event: the MSGBC Oil, Gas & Power 2025 conference and exhibition, taking place in Dakar from December 9–10.

MSGBC stands for Mauritania–Senegal–The Gambia–Guinea-Bissau–Conakry Basin, a West African offshore sedimentary basin that has become one of the continent’s most dynamic emerging hydrocarbon regions.

In broad strokes, the oil and gas code revisions emphasise transparency, local content, and mechanisms to ensure revenues more directly benefit Senegalese citizens, Diop said. Updates are underway to fiscal rules, contract terms, and local content provisions.

In April 2024, shortly after taking office, President Faye announced a planned audit of Senegal’s oil, gas, and mining sectors, with an explicit promise to disclose the effective ownership of extractive companies.

“I will proceed with the disclosure of the effective ownership of extractive companies and with an audit of the mining, oil, and gas sector,” the president, now 45, pledged.

The Faye administration quickly moved from words to action: it created a special commission to review strategic contracts in oil, gas, and mining; initiated an audit of the extractives sector; and committed to disclosing beneficial ownership of extractive firms.

“Departing from the norm, Faye declared his assets in the lead-up to the presidential election. Upon becoming president, he announced he would conduct an audit of Senegal’s oil, gas, and mining sectors to rebalance them in the national interest,” Hippolyte Fofack, a former chief economist at the African Export-Import Bank and prominent academic, wrote in a commentary for the Atlantic Council in February 2025.

“These moves establish baselines against which the people of Senegal can assess the president’s work toward tackling corruption and enhancing efficiency in the allocation of resources, with an ultimate goal of achieving more inclusive growth and shared prosperity in the country.

“These are important steps in the right direction. Improving welfare for the Senegalese people requires a fundamental transformation of the economy. Expectations in Senegal are high following the discovery of major oil and gas reserves a few years ago.” 

With greater output, comes greater transparency, local participation

Indeed, Diop, a close ally of the president, has pushed for greater transparency in upstream contracts, stronger local participation, and tighter oversight of production-sharing agreements signed under the previous administration. A founding member of the PASTEF party alongside Faye and Prime Minister Ousmane Sonko, Diop played a key role in shaping the coalition’s energy platform during the 2024 campaign.

The reforms Diop is spearheading coincide with Senegal’s transition to an energy producer, following first oil from the Sangomar field—operated by Woodside Energy and national oil company Petrosen—at about 100,000 barrels per day (bpd), and the expected start-up of the Greater Tortue Ahmeyim (GTA) gas project with BP and Kosmos Energy this year.

With first gas exports expected to lift growth to about 8.4% in 2025, Senegal is aiming to consolidate its reputation as a stable investment destination. The government is also promoting a new Investment Code, Startup Act and public-private partnership (PPP) framework to improve the business climate.

Senegal holds estimated reserves of more than 1bn barrels of oil equivalent (boe), largely from offshore discoveries such as Sangomar and GTA. Hydrocarbons are projected to contribute over 10% of GDP once full production begins, boosting export revenues and energy self-sufficiency.

Meanwhile, Lamin Camara, Permanent Secretary to The Gambia’s Ministry of Petroleum and Energy, said the West African country is in advanced stages of negotiations for oil well licences. “By the time we get to the MSGBC conference, we will announce that we have signed licences for our oil wells,” Camara said at the AEW, adding that discussions are expected to conclude before the event.

The government intends to build a second oil refinery, to complement the existing SAR (Société Africaine de Raffinage) facility in Dakar, with investment sought in the $2 bn to $5bn range. The project aims to process domestic crude from Sangomar and future offshore discoveries, reducing reliance on refined fuel imports, currently covering ~90% of domestic demand. It would likely have a capacity of 60,000–100,000 bpd.

Politically stable, investor-friendly and no ‘resource curse’?

Senegal is classified as a lower-middle-income country, not a “poor” country in absolute terms, but it still faces significant development challenges. According to the World Bank (2025), Senegal’s GDP per capita is around $1,800, placing it above many low-income states in West Africa but below the African average for middle-income economies. Roughly 35–40% of the population lives below the national poverty line, and income inequality and youth unemployment remain high.

But the country’s macroeconomic fundamentals are relatively strong: inflation has stabilised, public debt remains sustainable, and growth is forecast at 8–9% in 2025, driven by first oil and gas production from Sangomar and Greater Tortue Ahmeyim.

Strong institutions, political stability, and investor-friendly reforms make Senegal one of West Africa’s more stable and better-governed economies, even if poverty reduction is still an ongoing priority.

That will be part of the picture the government presents at Fii 2025, where it plans to showcase investment opportunities and highlight concrete developments in three priority sectors: energy (the Yakaar–Teranga gas project and new solar and wind ventures); infrastructure (the $1.2bn Ndayane Port, the Dakar–Bamako transport corridor and major water supply schemes) and digital initiatives (a sovereign cloud, national data centre and support for start-ups in fintech, AI and cybersecurity).

Senegal attracted about $3 bn in foreign direct investment in 2024, mainly in energy and infrastructure, according to official data. The authorities hope this year’s forum, organised by the national Agency for the Promotion of Investment and Major Projects (APIX), will convert more preliminary commitments into bankable projects.

Meanwhile, Senegal’s economy remains service-led, with services accounting for roughly half of GDP, followed by industry at about 24% and agriculture near 17%, according to IMF and government data. The services share includes finance, telecoms, trade, transport and public administration, while agriculture still employs the largest share of the workforce but is more vulnerable to seasonal shocks.

The industrial base is expanding as oil and gas output from Sangomar and the forthcoming Greater Tortue Ahmeyim project begin to lift the extractive share. Hydrocarbons, manufacturing and construction are expected to push industry’s contribution above 30% in the medium term, while the services sector should remain dominant as Dakar consolidates its role as a regional financial and logistics hub.