Senegal’s Extractive Industries Transparency Initiative (CN-ITIE) has reported revenues of 236.59 billion CFA francs (~$391.49 million USD) from the country’s extractive sector during the first half of 2024, with 225.49 billion CFA francs transferred directly into the national budget.
The mining sector accounted for 79% of the total, contributing 187.35 billion CFA francs, driven largely by gold and cement production. The hydrocarbons sector contributed 45.79 billion CFA francs, marking a significant increase of over 15 billion CFA francs from the same period in 2023. This growth was largely due to exceptional payments from Woodside Energy Senegal, which now leads in local hydrocarbon transactions. Export earnings from the sector hit 468.42 billion CFA francs, led by phosphoric acid and gold. Meanwhile, the extractive industry employed 1,773 workers, of which 92% were Senegalese nationals, demonstrating strong local workforce integration.
A key highlight was the sector’s local economic impact, with 342 billion CFA francs—about 40% of all transactions—spent on local suppliers. The mining sector was responsible for 193.90 billion CFA francs in local procurement, led by SOCOCIM, Sabodala Gold Operations (SGO), and ICS. The hydrocarbons sector, largely driven by Woodside, accounted for 148.10 billion CFA francs in local spending.
The CN-ITIE report underscores the growing role of local content, environmental compliance, and budgetary contributions in Senegal’s extractive industries as the country prepares for expanded oil and gas production later this year.
