Foreign Direct Investment | Senegal | Africa Competition Guide

Foreign Direct Investment

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Please indicate whether there is a foreign direct investment review regime in your jurisdiction in relation to mergers involving foreign buyers / acquirers and kindly indicate the relevant review/regulatory body? If there is, please indicate whether there have been any foreign direct investment notifications to date. If there is no foreign direct investment regime, kindly indicate whether there are any plans announced to introduce it.

There is no foreign direct investment review regime in Senegal in relation to mergers involving foreign buyers or acquirers. In general, there is an investor declaration regime for statistical purposes.

Some sectors regulate foreign investment by imposing national shareholding requirements. For example, in the fishing sector, fishing companies must have a minimum of 51% of their shares held by nationals or ECOWAS citizens. Other examples include the telecommunications, oil and mining industries.

Regarding foreign direct investment reported to the Minister of Finance for statistical purposes, a letter must be sent by investors to the Minister of Finance, which must contain the following information:

a) Designation of the enterprise or company abroad or in the WAEMU Member State concerned in which the investment is to take place;

b) Nature of the investment;

c) Amount of the investment;

d) Financing arrangements, timeframe for completion; and

e) Reasons for, and impact of, the planned investment.

If there is a foreign direct investment regime in your jurisdiction, please indicate whether it applies to all sectors or specific sectors (such as sectors considered to relate to ‘national security’).

Please refer to the response above.

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