Senegal unveils 25-year economic and social development plan

15/10/2024 7:05

        Senegal's government unveiled a 25-year development plan on Monday that it said would lay the foundations for economic sovereignty through
        competitiveness, sustainable resource management and good governance.
        
        The agenda was launched seven months after President Bassirou Diomaye Faye clinched a landslide election victory on a promise to improve livelihoods in the West African nation.
        
        "We aim to build a diversified and resilient economy," Faye said at the launch ceremony, 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.