For the first time in the country's industrial history, the share of local companies in the extractive sector supply chain has exceeded the symbolic threshold of 1 trillion CFA francs. According to the latest report from the Extractive Industries Transparency Initiative (EITI), local suppliers accounted for more than half of all transactions in 2024.
Senegal's extractive sector is no longer just a source of tax revenue; it has now established itself as a direct driver of the national entrepreneurial fabric. In 2024, out of a total transaction volume of 2,135.71 billion CFA francs carried out by the 26 companies within the EITI scope, local suppliers benefited from 1,110.15 billion CFA francs in orders.
This performance exceeds that of foreign suppliers, who captured 1,025.56 billion CFA francs over the same period. This rebalancing reflects the growing strength of Senegalese companies and the effectiveness of reforms on local content, particularly in the mining and hydrocarbon sectors.
A detailed analysis of expenditures shows that the mining sector remains the largest contractor, with 1,435.79 billion FCFA injected into the supply chain. However, the hydrocarbons sector, driven by the historic startup of the Sangomar field in June 2024, is showing explosive momentum with 699.92 billion FCFA in transactions.
The start of oil production not only boosted government revenues, which rose by 23% to reach 455.99 billion CFA francs, but above all opened up new market segments for national SMEs, ranging from logistics to industrial maintenance.
Beyond commercial contracts, the wealth generated trickles down directly to Senegalese households. Key figures from the 2024 report highlight a major social contribution:
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Employment: The sector now employs 11,394 people, bringing its contribution to national employment to 0.74%.
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Wage bill: Extractive companies paid a total of 193.19 billion CFA francs in wages during the year.
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Social expenditure: Voluntary and mandatory investments for the benefit of local communities reached 6.66 billion CFA francs.
This dynamic of "economic circularity", where the extraction of natural resources directly feeds local businesses, is the cornerstone of Senegal's new development strategy. With gold prices remaining strong (averaging £2,386/oz) and gas projects such as Grand Tortue Ahmeyim (GTA) booming, the outlook for 2025 looks even more promising for local entrepreneurs.
The increased transparency guaranteed by the EITI Standard 2023 now makes it possible to confirm that the extractive sector has become the driving force behind inclusive and sovereign growth.