Senegal will review agreements signed with natural-resources companies to ensure they’re optimized for the state to benefit, newly elected President Bassirou Diomaye Faye said.
The government will undertake an “audit of the mining, gas and oil sector that aims to strengthen the protection of local content for the benefit of the national private sector,” Faye said in a televised speech on the eve of the country’s independence day on Thursday. “The exploitation of our natural resources which, according to the constitution, belong to the people, will receive particular attention.”
Faye’s comments signal that Senegal may seek to take more control of an industry that’s set to make the country one of the world’s fastest-growing economies.
The West African nation is preparing to open the taps this year on the $4.8 billion Grand Tortue Ahmeyim liquefied natural gas project, led by BP Plc and Kosmos Energy Ltd., and the Sangomar oil development by Woodside Energy Group Ltd. after numerous delays. The projects are expected to spur economic growth of more than 8% in 2024 and over 10% in 2025.
Faye said that Senegal would continue to welcome foreign investment in the country.
“To our partners and friendly countries, I would like to assure them that Senegal remains an open and welcoming country for all,” he said. “We will constantly strive to maintain relationships.”