Research and consulting in Senegal

Country overview:

IOA has directed research and consulting efforts across all aspects of Senegalese life. Our analysts note that while Senegal boasts one of Africa’s most developed tourism sectors, foreign aid remains essential for national development, particularly in combating poverty. The economy is diverse, benefiting from a well-developed port, competent infrastructure, and strong trade connections. Senegalese citizens have excelled academically, contributing significantly to nation-building. Politically, Senegal has been among West Africa’s most stable nations, but accusations of a “constitutional coup” by opposition parties sparked protests, a government crackdown on dissent, and questions about the legitimacy of 2024’s national elections.

The economy features a balance amongst agriculture, fishing, and tourism, alongside construction, mining, and a growing services sector. However, excessive state involvement in the economy continues to limit economic freedoms.

Key opportunities in Senegal:

IOA economists anticipate sustained growth in the services and tourism sectors well into the future
Fish and groundnuts are the leading food and agricultural products
Senegal boasts robust trade links, enabling extensive export reach across the globe

Key concerns/risks in Senegal:

Human rights, particularly for sexual minorities, are increasingly at risk and further compromised by the implementation of anti-terrorism laws
Reliance on foreign energy, coupled with a lack of large-scale renewable energy initiatives, leaves Senegal susceptible to rising energy costs
The country faces challenges in human development, ranking low on related indices and grappling with high levels of illiteracy and unemployment

Find out about how IOA can help you with research and consulting services in Senegal

Tips on doing business in Senegal:

Starting a business:

Land is generally divided into titled and untitled land, more common in urban and rural areas respectively. Untitled land is typically held under customary law and is generally challenging to acquire through real estate purchases in urban areas
Senegal’s legislation on business and property ownership aligns with regional norms. Foreign investors are typically granted equal rights under the law, allowing full ownership and operation of businesses within the country. However, property ownership, as in many parts of Africa, can be more complicated
Land in Senegal is categorised as titled or untitled, with titled land more common in urban areas and untitled land prevalent in rural regions. Untitled land is usually governed by customary law, making real estate transactions in urban areas particularly challenging

Doing business:

Senegal’s Investment Code offers incentives to eligible businesses, such as temporary exemptions from customs duties and income taxes
Economic recovery has been slow, with high inflation undermining business confidence. Additionally, a prolonged political crisis has heightened the risk of civil unrest and potential property damage, particularly in urban areas
(Read more at: https://www.foruminvestinsenegal.sn/en/home)

Culture and society:

French and Wolof are the primary languages spoken in Senegal, so non-Francophone investors may require interpreters for effective communication
As a predominantly Muslim society, visitors should respect cultural norms by avoiding public intoxication, same-sex displays of affection, and immodest attire
Proof of yellow fever vaccination is mandatory for entry. Investors should also be mindful of ongoing political unrest and avoid the southern Casamance region due to militant activity