Senegal has urged member states of the Economic Community of West African States (ECOWAS) to intensify efforts to attract foreign investments across the region. The call was made by a representative of Senegal’s Directorate of Foreign Trade, Investment and Development during the ECOWAS Common Investment Market (ECIM) Technical Committee Council meeting held in Abuja.
Speaking at the meeting focused on enhancing cross-border investment promotion, Senegal shared insights into its national reforms, which helped boost foreign direct investment from $2.58 billion in 2022 to $2.64 billion in 2023. The country pointed to strategic improvements in its investment climate as a model for the region, especially in sectors such as agriculture, ICT, health, tourism, and oil and gas—areas identified as holding vast potential for international investment.
Senegal also highlighted the significance of Special Economic Zones in catalysing growth and attracting investors. The country has implemented legal and regulatory reforms in key areas, including mining, oil, customs, and taxation, and reinforced its investment environment through regional and bilateral agreements. Top foreign investors currently include France, China, Turkey, and the United Arab Emirates.
To enhance regional competitiveness, Senegal urged ECOWAS member states to improve investment governance structures, publish annual investment performance reports, and prioritize transport infrastructure upgrades. It also proposed convening a ministerial ECIM meeting during ECOWAS’s 50th anniversary celebrations, to align investment strategies and deepen regional economic integration.
The call underscores growing momentum within the region to transform West Africa into a unified investment destination through shared policy frameworks and coordinated development initiatives.
