Senegal Reclaims Its Rightful Share of Natural Resource Wealth

Apr 5, 2024 | News, Politics | 0 comments

As the newly elected President of Senegal, Bassirou Diomaye Faye has taken a bold and commendable step in announcing plans to review the country’s natural resource contracts. This move reflects a strong commitment to ensuring that Senegal maximises the benefits from its vast natural wealth, a fundamental right that has long been undermined by the exploitative practices of Western corporations.

For far too long, the people of Senegal have witnessed their national resources syphoned away by foreign companies, with the lion’s share of the profits leaving the country. President Faye’s decision to reevaluate these agreements is a watershed moment, signalling a new era of resource governance that prioritises the interests of the Senegalese people.

The upcoming $4.8 billion Grand Tortue Ahmeyim liquefied natural gas (LNG) project and the Sangomar oil development by Woodside Energy are significant opportunities for Senegal to assert its rightful claim over its natural resources. By closely scrutinising the terms of these contracts, the government aims to secure a fairer distribution of the revenues, empowering the nation to invest in critical infrastructure, social welfare, and sustainable development.

Moreover, the appointment of Ousmane Sonko as Prime Minister underscores President Faye’s commitment to inclusivity and collaborative governance. This move sends a powerful message that the new administration is willing to work with diverse political factions, fostering a spirit of national unity and collective progress.

As Senegal stands on the cusp of a transformative energy landscape, the government’s proactive approach to natural resource governance is a beacon of hope for the African continent. It is a bold assertion of sovereignty and a rejection of the neocolonial practices that have long plagued the region. This decisive action by President Faye and his administration sets a precedent for other African nations to follow, empowering them to reclaim their rightful share of the wealth beneath their soil.