Senegal’s rise is attributable to a stronger export portfolio due to a pick-up in private investment in the mining sector with the first gas project coming onstream by the end of 2023. The west African nation projects to earn $1.4 billion in oil and gas revenue by 2025, with its Greater Tortue Ahmeyim gas project set to produce 7.5 million tons of liquefied natural gas in the first and second phases. Senegal’s growing mining sector produces phosphates, gold, mineral sand, manganese, and industrial clay that accounted for 40% of the country’s export revenue in 2019. Its GDP stood at $27.6 billion in 2021 with a population of 17.9 million as of Jan. 10. Excluding Nigeria, western and central African economies will grow at 5.0% in 2023 and 5.6% in 2024 (up from 4.2% in 2022). Nigeria’s economic growth is expected to slow down with the World Bank stating that the country will continue “to suffer from an underperforming oil sector.” The report projects a growth in eastern and southern African subregion of 4.5% this year and 5.0% in 2024.
SOURCE: QUARTZ AFRICA