Senegal urges ECOWAS States to boost foreign investment measures

Senegal has called on fellow members of the Economic Community of West African States (ECOWAS) to ramp up efforts aimed at attracting and promoting foreign investments within the subregion.

Ms. Fama Fall, a senior official from Senegal’s Directorate of Foreign Trade, Investment and Development, made the appeal during her presentation at the ECOWAS Common Investment Market (ECIM) Technical Committee Council meeting held in Abuja.

Organized by ECOWAS, the meeting served as a platform for member nations to evaluate the current regional investment climate, share strategies, and strengthen collaboration on cross-border investment initiatives. Discussions also centered on the need to refine policies that would stimulate both intra- and extra-ECOWAS investment flows—seen as a catalyst for deeper subregional economic integration.

During her address, Fall highlighted Senegal’s recent strides in investment reform and promotion, noting that foreign direct investment (FDI) in the country reached $2.58 billion in 2022 and slightly increased to $2.64 billion in 2023. These gains, she said, were driven by deliberate policy actions aimed at creating an investor-friendly environment.

Senegal’s key investment sectors include agriculture, information and communication technologies (ICT), construction, health, tourism, and oil and gas—all of which are being actively developed to attract further interest.

“France remains the biggest investor in Senegal, but there is growing interest from China, Turkey, the United Arab Emirates, Morocco, Indonesia, and the United States,” Fall revealed.

She also noted the establishment of seven Special Economic Zones (SEZs) in Senegal—three operational and four under development—as part of efforts to enhance economic competitiveness.

To further encourage foreign investment, Senegal has implemented a comprehensive legal and regulatory framework, encompassing mining, oil, electricity, customs, taxation, and public-private partnerships.

Additionally, the country adheres to several regional and international investment codes, including the ECOWAS Common Investment Code, the Pan-African Investment Code, and the AfCFTA Investment Protocol.

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Fall explained that while the AfCFTA Protocol on Investment would eventually supersede all intra-African bilateral investment treaties (BITs), those with non-African nations would remain valid unless proven incompatible.

Senegal, she added, has signed BITs with numerous countries, including Turkey, India, Spain, France, South Africa, Canada, the United States, and several others—signaling its commitment to fostering global investor confidence.

In her concluding remarks, Fall made several recommendations for ECOWAS member states, urging enhanced governance of investment activities, improved inter-departmental coordination, and the publication of an annual report on regional investment flows.

She also advocated for the completion of critical transport infrastructure across ECOWAS nations and proposed that a mandatory ECIM ministerial meeting be held in celebration of ECOWAS’s upcoming 50th anniversary.