With sizeable offshore oil and gas reserves, abundant solar and wind, and opportunities in agriculture, mining and infrastructure development, the MSGBC region emerges as an attractive market to invest in. Going forward, market-focused policies and long-term development plans invite new investment into the economy as countries work to unlock the full potential of the natural and mineral resource sectors.
Mauritania: Oil and Gas
Prime investment opportunities lie in Mauritania’s oil and gas sector, spanning exploration, production, refinery, storage, and power generation. As bp and Kosmos Energy progress toward the initial production of the Grande Tortue Ahmeyim natural gas field in early 2024, and bp’s development of the BirAllah offshore gas field advances, hydrocarbons are set to become the primary driver of the Mauritanian economy.
Various oil and gas companies, including supermajors TotalEnergies, bp, and Shell, are making great strides offshore. Additionally, 22 blocks are available for leasing, with ten more to be offered in a new licensing round in 2024. Opportunities extend to developing discovered oil fields like Chingetti and providing supplies and logistical support to companies in the sector.
Senegal: Infrastructure
Senegal boasts the fastest-growing economy in West Africa, with an expected 10.6% GDP growth in 2024. Through its Plan Senegal Emergent 2030, the Senegalese government has strategically planned multiple infrastructure projects spanning various sectors, including agriculture with Agropoles; ICT with the Diamniadio Technology Park; and transportation with the rehabilitation of the Senegalese railway network and regional airports. Investors have a compelling opportunity to focus on connectivity infrastructure projects, such as the Bargny-Sendou and NDayane ports, as well as the Thies-Saint Louis highway.
The Gambia: Renewable Energy
The Gambia is actively pursuing renewable energy initiatives, aiming to achieve universal access to electricity by 2025 and reduce carbon emissions. This agenda has a focus on solar energy as the country receives approximately 3,000 hours of sunshine annually. Wind energy, particularly effective along the coast, is also being explored, with plans for a 200 MW onshore and 350 MW offshore wind farm by 2027. Additionally, The Gambia is venturing into green hydrogen production, capitalizing on abundant solar and wind resources. Agreements are already in place – such as with British renewable energy firm H2 Gambia Limited and Swiss NEK – for wind projects and the exploration of commercial prospects for hydrogen production.
Guinea Bissau: Agriculture
In Guinea-Bissau, the agricultural and forestry sectors present prime investment opportunities. The nation’s economy is predominantly agricultural-based, with exports like cashews, palm products, and rice playing a crucial role. Significant areas of uncultivated land, attributed to traditional slash-and-burn practices, highlight the potential for modernization and development. The forestry sector holds promise as Guinea-Bissau boasts extensive forest cover, constituting about three-fifths of its territory. While wood is mainly harvested for domestic use, exporting sawn wood presents additional economic prospects. The Guinea Forest, stretching from Bissau to Gabon, is recognized as West Africa’s green lung, offering the nation a chance to tap into the growing carbon credit market.
Guinea-Conakry: Mining
Guinea Conakry’s mining sector is a robust industry with numerous foreign companies actively engaged, such as China’s Baowu in the Simandou Iron Ore Mine. The country possesses 23% of global bauxite reserves, ranking as the world’s second-largest exporter since 2019. The bauxite sector is experiencing growth, marked by new concessions and expansions. Mining success also fuels opportunities in road and railroad construction. Beyond bauxite, Guinea-Conakry holds commercially viable deposits of graphite, manganese, nickel, and uranium—essential minerals for the energy transition.
