Senegal relies heavily on donors assistance and foreign investments. The country's main industrial exports are: phosphate, fertilizers and sea fishing.
Senegal's economy continues to suffer from lack of energy supplies and high unemployment rate. The IMF recently ranked Senegal as one of the 25 poorest countries in the world.
Recently, however, large quantities of oil and gas have been discovered that will make Senegal a major economic power in the region.
Senegal registered an economic growth of 6.5%, and it is looking forward to improving its economic conditions in light of the discovery of gas and oil, which will enter the market in the year 2021. It will be an opportunity to create jobs and boost economic growth in the country. One of the major projects is the regional express train project, which will connect Senegal to its neighbors in the region.
A report issued in March by the National Agency for Statistics and Demographics showed that 47.3% of the industrial facilities are satisfied with the business environment and with the general support extended by the state, and which is thought to be appropriate for the objectives of the industrial sector, despite the difficulties.
In terms of foreign trade indicators, the Senegalese Export Agency Director General reported that Senegal's exports during 2016 were estimated at 1371 billion SFAs, or 2093129770 euros, compared to 1342 billion SFAs and 2048854961 euros respectively in 2015, which represents an increase in the volume of exports. Africa and Europe, with 43% and 26% respectively, come on top of world regions receiving Senegal's exports. Senegal ranks the 127th out of 273 countries on the World Trade List.
Within the framework of the General Accounts Project, the Senegalese State conducted a first statistical study on 407,882 companies and economic units. The study revealed that the private sector was larger than the public sector, and the number of small and medium enterprises was large with 844,268 employees.
Knowing that Senegal has benefited in the period between 2008-2013, over 540 billion CFA which equivalent to (€ 824,427,480) from technical partners and financials.
There are: the European Union, the World Bank, the African Development Bank, France, Germany, Spain, Canada and the Netherlands. These funds have helped to reach the initial results of the emerging Senegal Plan and implement a number of sectoral reforms.
The most important investment opportunities
Senegal has many investment opportunities in various fields, including opportunities in tourism, fishing, agriculture, industrial agriculture, mining, industry, services and information and communications technologies.
The volume of foreign investment of the state
According to the figures available at the National Agency for the Promotion of Investments and Works of Majority (APIX), the volume of foreign investments of Senegal has witnessed a remarkable development in recent years, from 2014-2015 to 2015-2016, from 145 billion CFA to 182 billion CFA, this presents a rise of 25%.