IN a televised speech on Wednesday, newly elected President Bassirou Diomaye Faye of Senegal unveiled plans for an audit of the nation’s oil, gas, and mining sectors, emphasising transparency and investor confidence. Faye’s announcement comes hot on the heels of his landslide victory in the March election, reflecting widespread aspirations for reform in the nation of about 18 million people.
‘The exploitation of our natural resources, which according to the constitution belong to the people, will receive particular attention from my government,’ President Faye declared. ‘I will proceed with the disclosure of the effective ownership of extractive companies and with an audit of the mining, oil, and gas sector.’
While specifics regarding the audit were not immediately provided, President Faye reassured investors of their importance to Senegal’s economic development. ‘Investor rights will always be protected, as well as the interests of the state and the people,’ he affirmed, aiming to strike a balance between regulatory oversight and attracting foreign investment.
Senegal’s burgeoning oil industry is poised for significant growth, with the country’s first offshore oil development, the Sangomar project operated by Australia’s Woodside Energy, expected to commence production in mid-2024. Anticipation surrounds the project, which is forecasted to yield about 100,000 barrels per day, underscoring Senegal’s potential as a key player in the regional energy sector.
President Faye’s commitment to transparency and accountability extends beyond the extractive industries. His pledge to conduct audits signals a proactive approach to governance, aiming to instil public trust and ensure equitable distribution of the nation’s wealth. As Senegal embarks on this new chapter under Faye’s leadership, hopes are high for a brighter and more prosperous future driven by sustainable development and inclusive growth.
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