Senegal: President Faye To Commence Audit of Foreign Investments

President Faye

Abubakar Hashim

Barely 48 hours after being inaugurated, Senegal’s new President, Bassirou Diomaye Faye, has commenced audit of major oil, gas, mining and other foreign direct investments FDIs in the country.

Though Senegal is a new entrant in the oil and gas investment business, with its first offshore oil and gas development to start production in mid 2024, with the Sangomar oil and gas project, operated by Woodside Energy, expected to produce 100,000 Barrels Per Day, President Faye intends to fulfil one of his campaign promise, to sanitise Senegal’s investment portfolio for the peoples benefit.

During the campaigns, he revealed, “Investors’ rights will be protected so long as procedures of engagements are followed as well as the interests of the state and the people are protected “
Dangote cement, is also tipped for audit.

It is the largest foreign direct investment FDI in Senegal. It produces 1.5 million tonnes per year and is located 60 kilometres from the capital, Dakar. It is the largest employer of labour in Senegal today. Former President Mack Sall awarded Aliko Dangote the company’s highest award few weeks ago in Dakar.

President Faye, who was only released less that two weeks to the just concluded elections, along his Prime Minister Sonko, also promised to” judiciously manage the exploitation of the country’s natural resources, which belong to the people”, stating further that “ the process will be top priority of government”.

It is not clear whether the audit of these major foreign direct investments will be beneficial to the people and the government.

President Fay and Prime Minister Sonko are both hardliners, with radical disposition on policies and practices.

*Abubakar Hashim is the West Africa Bureau Chief of TheNEWS Magazine based in Sierra Leone