Blog 5 min reading
Senegal is one of those African countries that offers excellent opportunities to anyone willing to start a business there. Even though the local market is still small, it's worth exploring due to its rapid growth.
In addition, the Senegalese are among the best educated people in sub-Saharan Africa and value education more than any other African. Furthermore, Senegal also benefits from a better business environment and political stability after having experienced several civil conflicts in recent decades.
These conditions make it an excellent place for foreign investors looking for new opportunities to grow their businesses.
A brief introduction to Senegal
Senegal is a West African country bordering Mauritania, Mali, Guinea, Guinea-Bissau and The Gambia. It has a coastline on the Gulf of Guinea and the Atlantic Ocean, and a climate that varies from tropical in the south to semi-arid in the north. Senegal's economy has been growing at a healthy rate in recent years, driven mainly by construction, tourism and fishing.
The government has focused on diversifying the economy, investing heavily in health, education and renewable energy. More recently, the government has also shown interest in expanding the country's manufacturing sector. Senegal has experienced rapid economic growth in recent years and has followed a path of pragmatic economic reforms.
The economy benefits from remittances from the large Senegalese diaspora. A surplus of coffee, a booming tourism sector and increased investment in infrastructure are expanding the sources of foreign exchange.
Turism
Tourism has become one of Senegal's most important industries. The number of visitors to the country has been growing by 6 per cent a year since 2000, and is now the second largest source of foreign exchange after fishing. This revival is due to a number of factors, including increased government investment in the tourism sector, the rediscovery of Senegal's beaches by Europeans and a more liberal visa policy.
The government's efforts to increase tourism are bearing fruit, as the number of tourists visiting the country each year is increasing. The country has also taken steps to attract more tourists, including building new airports and hotels and expanding its tourist attractions.
Manufacture of consumer goods
If you're looking to start a business in the Senegalese market, then you should consider the consumer goods industry. This is a sector that is becoming increasingly important as the Senegalese middle class grows. The sector is also very attractive because it doesn't depend on the level of economic growth.
The Senegalese middle class is expected to grow from its current size of less than 10 % of the country's population to more than 30 % in the next five years. This means that there will be an increasing demand for goods, including food and drink, cosmetics, pharmaceuticals and clothing.
Industry has been growing at a rate of 18 per cent every year, which is much higher than the growth rate of the country's economy as a whole. This has led to a growing demand for products manufactured in the country, which is good news for local entrepreneurs. The sector offers excellent opportunities for anyone willing to start a business in Senegal.
Information and Communication Technology (ICT)
The ICT sector is another business opportunity worth exploring in Senegal. The sector's growth has been driven mainly by the government's efforts to improve the digital infrastructure. These efforts include an increase in spending on ICT projects and the creation of a regulatory framework for data privacy and cyber security.
Senegal is also home to a number of ICT centres, which serve as incubators for start-ups in the sector. The centres have helped create more than 2,000 jobs, a significant number for a country with a population of just over 15 million people. The government is also exploring ways to attract more foreign investment in the ICT sector.
Food Processing and Agriculture
Another business opportunity worth exploring in Senegal is the food processing and agriculture sector. Much of the food consumed in the country is imported, which is bad news for local farmers.
However, the government has recently made efforts to promote local agriculture and processing and provide more financial support to farmers. Senegal is one of the world's largest producers of peanuts, accounting for around 20 per cent of global production. It is also the second largest producer of mangoes and peanuts.
These two crops account for around 80 % of the country's agricultural production. Senegal is also among the top 10 countries in the world in terms of biological diversity. This makes it an excellent place to start a business related to agriculture and food.
Conclusion
Senegal is one of those African countries that offers excellent opportunities to anyone willing to start a business there. Even though the local market is still small, it's worth exploring because of its rapid growth.
The Oporto Forte Group is present in Senegal, promoting companies with various projects in different business areas. We are an International Business Development Centre with unique opportunities for the internationalisation of companies and businesses.
Take the opportunity to find out more about the Oporto Forte Group's projects in Senegal by visiting our Africa website.