The Extractive Industries Transparency Initiative (EITI) in Senegal has published its 2024 annual report, highlighting the remarkable performance of the extractive sector. With total revenues reaching 455.99 billion CFA francs (US$752.03 million), up 20% from 2023, this sector confirms its pivotal role in the national economy. This growth is largely attributed to the start of offshore oil production in Sangomar, marking a new era for Senegalese hydrocarbons.
A stronger economic contribution
The report, prepared on the basis of EITI Standard 2023, highlights that 435.82 billion CFA francs (US$718.77 million) were directly allocated to the state budget, compared to 346.19 billion in 2023. The mining sector dominates with 369.68 billion CFA francs (81.07% of revenues), while hydrocarbons contribute 77.70 billion CFA francs (17.04%), up 47.1 billion thanks to Sangomar.
In terms of overall contribution to the economy:
- GDP: 4.95% (compared to 4.72% in 2023),
- Exports: 31.38% (slight decrease from 31.89%),
- State revenue: 11.96% (up 9.40%),
- Employment: 0.74% (compared to 0.16%).
These figures reflect positive momentum, driven by a rising gold market (average price of USD 2,386/ounce) and stable demand for zircon (global market estimated at USD 2.1 billion).
Production: oil and gas in the spotlight
The hydrocarbon sector is marking a historic turning point. Oil production in Sangomar, which began in June 2024, amounts to approximately 16.9 million barrels according to the Directorate General of Hydrocarbons (DGH), valued at 533.84 billion CFA francs. PETROSEN reports 14.23 million barrels, worth 641.79 billion CFA francs (1.06 billion USD).
Gas production reached 2.78 million Nm³ at Gadiaga/Sadiaratou, valued at 458.33 million CFA francs, sold entirely locally to SOCOCIM.
In the mining sector, total production is estimated at 1,317.94 billion CFA francs. Gold leads with 354,715 ounces (420.03 billion CFA francs), followed by cement (4.71 million tonnes, 222.93 billion CFA francs) and phosphoric acid (523,009 tonnes, 203.92 billion CFA francs). Other substances such as ilmenite, zircon and phosphate also contribute significantly.
| Main Substance | Unit | Quantity | Value (FCFA) |
|---|---|---|---|
| Gold | Onces | 354 715 | 420.03 billion |
| Cement | Tonne | 4 707 432 | 222.93 billion |
| Phosphoric Acid | Tonne | 523 009 | 203.92 billion |
| Phosphate | Tonne | 1 938 298 | 84.08 billion |
Exports from the extractive sector total CFAF 1,138.26 billion (USD 1.88 billion). Gold accounts for 44.10% (CFAF 501.95 billion), followed by phosphoric acid (25.26%, CFAF 287.52 billion). For hydrocarbons, oil exports vary according to the source: 16.41 million barrels (DGH/Woodside), 14.23 million (PETROSEN) or 1.39 million kg (DGD), valued between CFAF 451.41 billion and CFAF 641.79 billion.
Local sales in the mining sector amounted to CFAF 14.90 billion, dominated by gold (CFAF 11.81 billion, 79.21%) and basalt (CFAF 2.65 billion, 17.81%).
Local content and social spending: a growing commitment
Local content is growing, with total transactions amounting to CFAF 2,136 billion, including CFAF 1,110 billion with local suppliers (52%). In the hydrocarbon sector, the Sangomar, GTA and Yakaar-Teranga projects are boosting employment and the participation of Senegalese companies.
Social expenditure amounts to CFAF 6.66 billion, including CFAF 5.03 billion for mining (main contributors: SGO and ICS). Environmental payments amount to CFAF 1.95 billion, with taxes to DIREC and DEFCCS totalling CFAF 1.87 billion.
Employment and turnover: A significant social impact
The sector employs 11,394 people (95% of whom are nationals), with a total payroll of CFAF 193.20 billion. Mining accounts for 9,763 jobs (CFAF 154.88 billion), while hydrocarbons account for 465 jobs (CFAF 38.31 billion).
Among the reported turnovers, Sabodala Gold Operations (SGO) leads with 392.96 billion CFA francs, followed by ICS (349.99 billion) and GCO (208.51 billion).
Outlook: towards sustainable exploitation
This EITI Report 2024 illustrates the transformative potential of the extractive sector for Senegal, while calling for transparent and sustainable management. With the boom in hydrocarbons, the authorities are emphasising the importance of local content and environmental investments to maximise national benefits. The EITI National Committee invites stakeholders to consult the full document at www.itie.sn for further details.