By Enyichukwu Enemanna
President of Senegal, Bassirou Diomaye Faye on Monday unveiled a 25-year development plan which he said would lay the foundations for economic sovereignty through competitiveness, sustainable resource management and good governance.
The agenda was launched seven months after Faye came to power, following a landslide electoral victory on a promise to improve livelihoods in the West African nation.
“We aim to build a diversified and resilient economy,” Faye said at a ceremony to mark the launch, which comes a month ahead of a snap legislative election.
“Our … economy has been neutralised by a model of exploiting raw materials without any significant local processing or valorisation, leaving our domestic private sector too weak … and our young talent in desperate search of opportunities,” he said.
Senegal became an oil producer in June, when Australia’s Woodside Energy started production at its Sangomar oil and gas field. Gas production is also due to begin by the end of the year at the Greater Tortue Ahmeyim liquefied natural gas project, operated by BP.
Early in his presidency Faye initiated an audit of oil and mining contracts, but the authorities have not shared details on its progress.
The first phase of the economic plan, which will cost $30.1 billion and run from 2025-2029, aims to reduce the budget deficit to 3% of GDP throughout that period, down from 4.9%.
It will be funded by a mix of public, private, and public-private partnership financing. It is based on an average growth rate of 6.5% and an increase in the average tax burden to 21.7%.
Under the new plan, the government aims to increase access to electricity to 100% from 84% and make Senegal energy self-sufficient.
Faye has been under pressure to make good on his election promises from the disenfranchised urban youth, whose support helped bring him to power.
