Senegal’s President Bassirou Diomaye Faye Vows to Reevaluate Natural Resources Contracts

Source: Senegal’s new leader announces audit of oil, gas and mining sectors

In a significant move aimed at maximizing national benefits, Senegal’s newly elected President, Bassirou Diomaye Faye, announced plans to review contracts with natural-resources companies. President Faye emphasized the necessity of optimizing these agreements to ensure that the state and its people reap substantial benefits.

Speaking in a televised address on the eve of the country’s independence day, President Faye highlighted the government’s intention to conduct an audit of the mining, gas, and oil sectors. The primary objective of this audit, he stated, is to bolster the protection of local content, particularly for the benefit of the national private sector. President Faye stressed that the exploitation of Senegal’s natural resources, as stipulated in the constitution, should primarily serve the interests of its citizens.

These remarks by President Faye suggest a potential shift towards a more assertive stance in controlling Senegal’s burgeoning natural resources industry. The nation’s economy is poised for rapid growth, largely driven by upcoming projects such as the $4.8 billion Grand Tortue Ahmeyim liquefied natural gas project, spearheaded by BP Plc and Kosmos Energy Ltd., alongside the Sangomar oil development led by Woodside Energy Group Ltd. Despite facing numerous delays, these projects are anticipated to fuel economic expansion, with growth projections exceeding 8% in 2024 and surpassing 10% in 2025.

President Faye emphasized that Senegal remains committed to attracting foreign investment. “To our partners and friendly countries, I would like to assure them that Senegal remains an open and welcoming country for all,” he stated. “We will constantly strive to maintain relationships.”

The president’s announcement signifies a potential recalibration of Senegal’s approach to resource management, aiming to ensure that economic growth translates into tangible benefits for the nation and its people.

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