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

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.

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