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Poised to become a major oil, gas and renewable energy hub, the MSGBC is set for a dramatic economic transformation in the coming years on the back of national development goals and strategic plans. This year, Senegal shipped its first oil from the Sangomar field while the first phase of the GTA liquefied natural gas development is set to commence gas production in late-2024.
These developments are set to contribute to the region’s ambitious goals for poverty reduction and economic growth, transformation and job creation. The private sector is poised to play a major role in achieving these objectives, with opportunities set to be on display during this year’s MSGBC Oil, Gas & Power 2024 conference and exhibition, the region’s premier energy investment platform taking place in Dakar from December 3-4.
Explore opportunities, foster partnerships and stay at the forefront of the MSGBC region’s oil, gas and power sector. Visit www.msgbcoilgasandpower.com to secure your participation at the MSGBC Oil, Gas & Power 2024 conference. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.
The Mauritania Renewable Energy Roadmap
Boasting a solar and wind potential of 457.9 GW and 47 GW, respectively, Mauritania’s renewable energy prospects make the country a potential leading green hydrogen producer in the MSGBC region. As such, the Mauritania Roadmap identifies a targeted additional solar energy capacity of 335 MW by 2030, which is set to drive the country’s green hydrogen sector.
Mauritania has three significant green hydrogen project developments in the pipeline. The $40 billion Project Aman is expected to produce 1.7 million tons of green hydrogen and 10 million tons of green ammonia while increasing the country’s GDP by 50-60% by 2035. Project Nour spans two onshore areas totally approximately 5,000km2 and is poised to become one of the largest green hydrogen projects globally by 2030. Meanwhile, Mauritania’s green steel industry is expected to result in the production of 2.5 million tons of green steel annually by 2026.
Plan for an Emerging Senegal
The Plan for an Emerging Senegal (PES) aims to transform the country into an emerging nation by 2035. The PES focuses on three priority objectives: bringing about a structural transformation of the economy, promoting human capital and enabling good governance.
In January this year, intergovernmental organization the International Energy Agency released its Energy Policy Review of Senegal 2023, which showcased Senegal’s significant efforts to develop its energy sector and lay the groundwork for the country to achieve its broader economic goals. The review highlighted the PES as a core pillar in Senegal’s strategy to accelerate sustainable development and economic growth.
Under the first phase of the plan, 27 flagship project encompassing six sectors including construction, logistics and mining are being carried out including the Falémé Integrated Iron Project, the Diamniadio International Industrial Park, the Regional Air Hub project and the country’s expansion of its gold mining sector.
The Gambia Recovery-Focused National Development Plan 2023-2027
In January, the government of the Gambia launched the country’s Recovery-Focused National Development Plan 2023-2027. The plan aims to support a resilient and inclusive development agenda by tackling bottlenecks in key enabling sectors while creating conducive conditions for private sector participation in the energy sector. The plan also aims to foster competition and support transparency in public institutions while increasing social and climate resilience.
Aligned with The Gambia’s Recovery-Focused National Development Plan 2023-2027, international finance institution the World Bank approved $60 million in financing to support the government in building its climate resilience. The funds were approved in November 2023 and are poised to strengthen procurement, economic governance and domestic revenue mobilization.
Guinea-Bissau Country Strategic Plan 2023-2027
With a budget of $131 million, Guinea-Bissau’s Country Strategic Plan 2023-2027 is centered on four strategic pillars. The first and second aims of the plan are to ensure the country’s population meets basic nutrition requirements and improved access to basic services, respectively. The third strategic pillar focused on the increased resilience of climate change and socioeconomic shocks while the third pillar focuses on strengthening the social protection system in the country by 2027.
The plan was approved by international organization the World Food Program (WFP) in November 2022. In 2023, as part of the strategic plan, the WFP provided 179,000 schoolchildren across 852 schools with school meals.
Guinea-Conakry Vision 2040
With the stated goal of laying the foundations for economic, social and environmental progress, Guinea-Conakry’s Vision 2040 aims to define a country strategy for long-term development. The plan aims to accelerate Guinea-Conakry’s digital transition, promote the green economy and spearhead the development of human capital.
In February this year, the government of Guinea-Conakry announced the launch of an interim reference program, offering a strategic platform to showcase the country’s development priorities and strategic choices. Aligned with the country’s Vision 2040, the program aims to enhance urban infrastructure, improve access to clean water and foster economic diplomacy.
Ivory Coast National Development Plan 2021-2025
Ivory Coast’s National Development Plan 2021-2025 aims to capitalize on international and reginal development policies. The plan seeks to exalt Ivory Coast to an upper middle-income country by 2025 by developing national industry and improving human capital development.
In July 2023, the Board of Directors of international finance institution the African Development Bank approved a $435 million partial credit guarantee for Ivory Coast to support projects across a wide range of sectors. The guarantee will focus on sustainable agriculture and agro-industry, water and sanitation, renewable energy, health, affordable housing, education, financial inclusion and local entrepreneurship.
