The Senegalese government has launched a 25-year development plan to achieve economic sovereignty through competitiveness, sustainable resource management, and good governance.
The ambitious plan, announced seven months after President Bassirou Diomaye Faye’s election victory, aims to diversify the economy and improve livelihoods.
President Faye emphasized building a “diversified and resilient economy” ahead of the snap legislative election on November 17, 2024.
The first phase of the plan, from 2025 to 2029, requires $30.1 billion in funding through public and private partnerships. Goals include reducing the budget deficit to 3% of GDP, increasing the tax burden to 21.7%, and achieving 6.5% growth.
With recent oil production starting in June and gas production expected by year’s end, the plan also targets 100% electricity access and energy self-sufficiency.
The Faye administration, facing pressure from urban youth and a dissolved parliament, aims to secure greater political influence in the upcoming election.
Report by Tofik Abdul Nasir