Senegal has called on the Economic Community of West African States (ECOWAS) to intensify efforts in attracting foreign investments across the region. The appeal came during the ECOWAS Common Investment Market (ECIM) Technical Committee Council meeting held in Abuja.
Speaking at the meeting, Ms. Fama Fall from Senegal’s Directorate of Foreign Trade, Investment and Development emphasised the need for member states to collaborate more closely in creating favourable investment conditions across West Africa.
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Senegal’s investment progress
During her presentation, Fall outlined recent improvements in Senegal’s investment climate, noting that the country’s foreign direct investment increased from $2.58 billion in 2022 to $2.64 billion in 2023. She attributed the rise to ongoing reforms and policy updates aimed at improving investor confidence.
Fall pointed to sectors such as agriculture, ICT, health, tourism, and oil and gas as areas with significant investment opportunities. She also named France, China, Turkey, and the United Arab Emirates as Senegal’s top foreign investors.
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Focus on special economic zones and legal reforms
Fall stressed the importance of Special Economic Zones (SEZs) as part of Senegal’s strategy to boost investment. She highlighted legal reforms that have been implemented across mining, oil, customs, and tax codes. These measures are supported by both regional and bilateral investment agreements.
According to Fall, these reforms are essential for creating a more transparent and efficient investment environment, not only in Senegal but across ECOWAS countries.
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Recommendations for regional action
Fall urged ECOWAS member states to strengthen investment governance and improve regional coordination. She recommended the publication of annual investment reports, the development of transport infrastructure, and regular dialogue between stakeholders.
She also called for the organisation of a ministerial-level ECIM meeting as part of ECOWAS’s 50th anniversary celebrations. “We need to move beyond discussions and implement actions that will make our region more attractive to global investors,” Fall said.
The ECIM Technical Committee Council meeting brought together officials and stakeholders to review strategies for cross-border investment promotion. As West Africa marks fifty years of regional cooperation, the call from Senegal underscores the urgency of driving sustainable investment across member states.
