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Global Industry: Senegal’s Extractive Industries Transparency Initiative
Since Senegal announced its commitment to the Extractive Industries Transparency Initiative (EITI) in 2013, the country’s government has undertaken significant steps to increase public awareness and accountability in the extractives sector, including by publicly disclosing large contracts.
As a leading global producer of phosphates, and with reserves of gold, iron ore and marble, Senegal’s natural resources currently represent an important source of fiscal revenue: the government received $187 million from taxation of the extractives industry in 2017.
Nonetheless, an expected surge in Senegal’s extractives revenues stemming from a succession of substantial offshore oil and gas discoveries since 2014 – upon which production is anticipated to begin as early as 2021 – has placed reform initiatives in the sector under even greater scrutiny.