- The governments of Senegal and The Gambia are tapping on revenue from energy and tourism to grow their economies.
- Senegal is strategically using energy projects to catalyze the growth and redevelopment of tourism destinations.
- By leveraging tourism earnings, The Gambia seeks to fuel infrastructure development and catalyze its overall economic growth.
Blending energy and tourism sectors in Senegal
A prime example of this synergy is the Sandiara Special Economic Zone (SEZ), which incorporates a gas-to-power and solar facility, positioning itself to power tourism hotspots along the country’s scenic southern coast.
One such destination is Mbodiene, a picturesque fishing village located in the Thies region, a mere 20 kilometres away from the SEZ. Pierre Diouf, CEO of LFR Energy, a prominent real estate and energy firm leading the development of the gas-to-power facility in the SEZ, envisions the transformation of Mbodiene into a major tourist complex.
“The real estate project will consist of two four- and five-star hotels with 500 rooms, 200 villas, a shopping centre, and an amusement park. We are currently in the first phase of development,” said Pierre Diouf, CEO of LFR Energy.
This ambitious project aims to contribute to the creation of a new economic hub in the region. It will also power sustainable development of tourism in Senegal.
The significance of the tourism sector in Senegal cannot be understated. As the country’s second-largest foreign exchange earner, tourism plays a vital role in driving economic growth and infrastructure development.
With the advent of the first oil and gas production from the Sangomar and Greater Tortue Ahmeyim fields expected this year, the country’s electrification and industrialization efforts, coupled with the generation of revenue, are set to witness an unprecedented boost, elevating the potential of Senegal’s tourism sector even further.
Tourism fueling energy sector in The Gambia
In stark contrast to Senegal’s approach, The Gambia is strategically placing tourism at the forefront of its economic growth. Accounting for 20 percent of The Gambia’s GDP and employing 19 percent of its population, tourism is vital sector. Recognizing its importance, the World Bank has authorized a $68 million grant from the International Development Association to support the diversification and climate resilience of the country’s tourism sector.
The Gambia’s dedication to tourism-driven development is evident through its comprehensive efforts to build robust institutional and legislative frameworks. It is expanding access to finance for tourism-related firms, develop remote areas, and promote coastal sustainability. While tourism continues to drive economic benefits, it also offers an opportunity to power the country’s energy sector.
The Gambia is currently witnessing notable developments in its energy industry. It has outlined several initiatives to increase electricity delivery and the ongoing reform of the country’s utility NAWEC.
Moreover, a growing focus on frontier oil exploration has the potential to transform the country into a significant energy player. As a relatively untapped energy market, The Gambia requires substantial capital to develop energy infrastructure. It also needs capital to explore untapped basins, and establish strong domestic energy value chains.
Recognizing this, The Gambia is harnessing its thriving tourism industry to generate the revenue to stimulate her energy sector. By strategically leveraging tourism earnings, the country seeks to fuel infrastructure development and catalyze its overall economic growth.
Uniting tourism and energy investments
The city of Nouakchott is set to host the forthcoming MSGBC Oil, Gas and Power 2023 conference on November 21–22. The forum will serves as a platform to encourage investment in tourism and energy industries of Senegal and The Gambia. The forum will also see the signing of investment deals that will accelerate the growth potential of both sectors.
By aligning Senegal’s energy projects with tourism development and utilizing The Gambia’s tourism-driven revenue for energy advancements, the two countries are poised to unlock new economic opportunities and foster sustainable development.
As the tourism and energy sectors unite in their common pursuit of progress, they create promising future for the region. The new era is marked by economic prosperity, infrastructure development, and enhanced livelihoods in Senegal and The Gambia. Through this collaboration, both nations stand to gain immeasurably. Tourism and energy are emerging as powerful drivers of sustainable growth and prosperity in the MSGBC region.
