DAKAR, SENEGAL – "Na dem de na dem!" declared Senegal's new president, Bassirou Diomaye Faye. The popular phrase translates to "Enough is enough," and Faye's landslide election victory shows strong public support for shaking up how the country's natural resources are managed.
In a televised address, Faye promised a comprehensive audit of Senegal's oil, gas, and mining sectors – a major first step for the newly-elected leader. He also made it clear to investors that they are welcome in Senegal, demonstrating the delicate balance a resource-rich nation faces.
Focus on Transparency in Senegal's Extractive Sectors
"We all know how our natural resources, dem riches wey belong to us, go fit bring serious change for we country," Faye stated, using colloquial language that resonates with the Senegalese people. "But make we see am clear clear, make we sabi de pipo behind all dis oil, gas, and mining.”
This emphasis on revealing "effective ownership" in extractive industries highlights deep-seated concerns about corruption and mismanagement. Faye is tapping into a widespread perception that Senegal's vast natural wealth hasn't benefited most of its citizens.
Audit Details and Investor Relations
Faye didn't offer specifics on the planned audit’s scope or timeline in his speech, but the commitment sent a strong signal. It will be interesting to see who will lead the effort and how far-reaching the audit will be. Investors, particularly those with active projects in Senegal, will be watching closely.
The former tax inspector turned president struck a conciliatory tone towards foreign companies. "If you want play straight, Senegal open for business. Your rights go dey protected, but we country and we pipo go get we own too," he promised.
Senegal's Resource Potential: A Game Changer?
Senegal stands on the cusp of a potential energy boom. The Sangomar oil and gas project, scheduled to start production in 2024, represents a significant step. Faye's focus on Senegal's extractive sectors indicates that he intends to ensure the fruits of the expected growth benefit the nation in a way they haven't before.
This pivot marks a new era, and the audit results will likely spark discussions about how Senegal's laws and regulations around oil, gas, and mining could be improved. Will this be the game-changer that moves Senegal to another level? The world is watching to see if Faye can deliver the change Senegal's people so clearly want.
