Senegal: the promise of an economic rebound, on condition that we join our forces.
Until the health crisis, Senegal was a fabulous fertile ground for growth.
Except in 2020 with the COVID-19 pandemic, the Senegalese economy has shown a growth rate of over 5% over the past 6 years. The prospects associated with the exploitation of oil and gas resources open up new opportunities for the domestic private sector. The International Monetary Fund (IMF) estimates that a rebound is expected as early as 2021, reaching 5.2% growth.
Provided that economic players agree to step out of their comfort zone and join forces whenever necessary, we will achieve this promise of an economic rebound.
In addition, the entry into force of the African Continental Free Trade Area (AfCFTA) will be of considerable contribution to economic growth in sub-Saharan Africa.
The AfCFTA is supposed to become the most populous commercial space in the world. One can consider it as a considerable historic breakthrough that should change the face of Africa by creating the conditions for its industrialization and the liberalization of its economy.
In Senegal, the integration of markets will represent both opportunities and threats for the national private sector. We absolutely ought to win the bet on competitiveness and resilience.
Sectors we shall bet upon in 2021 in Senegal.
Last September, Senegal implemented an Adjusted and Accelerated Priority Action Plan (AAPAP) over the next 3 years. Along the same lines as Phase II of the Emerging Senegal Plan, the main objective of this AAPAP is to stimulate private investment, to diversify growth drivers and to strengthen economic resilience. I predict this plan will prove efficient and strongly believe in it.
Government has stressed the real priorities that constitute as many opportunities for national private sector. It involves amongst others, agricultural field, health, education, industrial transformation and digitalization.
At Locafrique, we are aligned with the government’s ambitions. Indeed, our vision by 2025 is to make of the group one of the main investors in Senegal and across the continent. We aspire to occupy strong positions in strategic sectors such as finance, oil and gas, energy, health, hospitality, agriculture, real estate, automotive, logistics, business aviation and medical air transport.
Over the next few weeks, we should announce the signing of new major projects. I will have the opportunity to come back to these topics.