Senegal’s new president orders audit of oil, gas and mining sectors

The newly sworn-in president of Senegal, Bassirou Diomaye Faye, has sanctioned the immediate auditing of the oil, gas, and mining sectors, as he assured investors that they are welcome in the country.

The audit is one of the first policy actions announced by the new administration after the 44-year-old former tax inspector’s inauguration on Tuesday.

President Faye easily defeated the ruling coalition’s candidate, Amadou Ba, in a March election, showing widespread hopes for change in the country of approximately 18 million people.

The young leader of the West African country disclosed that the exploitation of Senegal’s natural resources, which according to the constitution belong to the people, will receive particular attention from his government.

He promised to proceed with the disclosure of the effective ownership of extractive companies and with an audit of the mining, oil, and gas sectors.

Mr. Faye then assured that investor rights will always be protected, as well as the interests of the state and the people.

Senegal is set to start producing gas from the reserves later this year, according to oil and gas giant BP, which is leading the operation.

Algeria, Egypt, and Nigeria are currently Africa’s top producers of natural gas.

While the United States remains the world’s biggest producer, followed by Russia, Iran, and Canada.