World
Senegal Seeks to Learn From Mistakes of Other African Countries and Reverse ‘Resource Curse’
By Kester Kenn Klomegah
Senegal has held a well-representative meeting to seek dialogue with a cross-section of civil society leaders, experts from different economic sectors and both public and private business leaders for the management of revenues from the country’s oil and gas, hydrocarbons and energy resources in the country.
Senegal, located on the West African coast, has a population of approximately 15.9 million. While the economy is mostly driven by mining, construction, tourism, fishing and agriculture, it has state revenues from the exploitation of some natural resources. These revenues largely constitute the national budget.
With the utmost ambition and desire for all Senegalese people to benefit and prosper from their country’s natural resources, President Macky Sall demonstrated his determination to implement reforms to exploit Senegal’s hydrocarbon potential. The move is to propose a framework that will mandate accountability and transparency in the management of resources to ensure that oil and gas production will be conducive and significant towards the well-being of the entire nation.
Senegal is looking towards learning from the mistakes of other African countries in an attempt to reverse the so-called “resource curse” that plagues many oil and gas producing African countries. In a further demonstration of enlisting public opinion, such a broad meeting was called to brainstorm for ideas and incorporate them into a national development programme.
“It is extremely important to remind you all today, we remain convinced that the promotion of a participatory, multi-institutional, and collaborative approach is imperative for capable governance and guaranteeing sustainable prosperity,” stated President Macky Sall of the Republic of Senegal.
Under this new legislation, the citizens of Senegal will have a seat at the table, with civil society to play a leading role in driving the discussion surrounding the monetization of the country’s oil and gas industry. This landmark act will ensure a trickle-down economy that guarantees investments within petrochemicals, agriculture, power, gas, and transportation, thus expanding the economy and facilitating the creation of many jobs for Senegalese citizens.
While the undeniable impacts of climate change continue to be taken into consideration, Senegal is driven towards eradicating energy poverty, and notes that the development of the nation should be prioritized, and this will be done through oil and gas.
Poised to catalyze Senegal’s economy, oil and gas exploration and production are at the forefront of providing efficient, low-cost energy solutions in accordance with the primary objectives of the Plan for an Emerging Senegal. Thus, with the country’s first oil production geared for 2023, President Macky Sall has put into place, the requisite systems necessary to strengthen the revenue from the exploration and production of hydrocarbons for the benefit of Senegalese civil society.
The Senegalese Presidential Council is, however, praised for the distribution and supervision of the management of revenues derived from the exploitation of hydrocarbons. It marks a significant step towards the leader’s desire for oil and gas to be conducive to the well-being of all Senegalese people. It further shows efforts to involve civil society in significant issues relating to the socio-economic growth.
Abdoulaye Wade’s decision to run for a third presidential term sparked a public backlash that led to his defeat to current President Macky Sall. His election was primarily due to support from broad-minded democratic groups. The 2016 constitutional referendum limited future presidents to two consecutive five-year terms. In February 2019, Macky Sall won his bid for re-election; his second term will end in 2024.
Reports show Senegal is committed to harnessing its oil and gas resources to drive socio-economic growth, and support a national development model – the Emerging Senegal Plan. Senegal is working collaboratively with external and regional partners to position itself as a globally competitive hydrocarbon producer. In 2021, the country saw several significant achievements regarding its top two energy projects, according to reports provided at last African Energy Week (AEW) held in Cape Town, South Africa.
As one of Africa’s leading natural gas markets, boasting over 450 billion cubic meters of reserves, Senegal is aggressively pursuing industry expansion with the aim of establishing the country as a regional gas producer and exporter.
Senegal’s National Oil Company (NOC), for instance, has been advancing the industry. With a participating interest in all upstream commercial hydrocarbon activities, the company has accelerated oil and gas exploration and production, effectively positioning Senegal as a regional gas hub and global competitor.
The company has effectively navigated the global pandemic, enhancing industry activities and introducing key investment opportunities to international stakeholders and driving a strong discussion on the role of Senegal in Africa’s energy future.
Its largest project, the Greater Tortue Ahmeyim (GTA) Liquified Natural Gas (LNG) project, is the deepest offshore project on the continent and is set to unlock approximately 15 trillion cubic feet of gas. Jointly developed by BP, Kosmos Energy, Societe des Petroles du Senegal (Petrosen), and Societe Mauritanienne des Hydrocarbures (SMHPM), with BP as the operator, the project has set a high standard for other African gas markets looking to enhance development.
Senegal enjoys mostly cordial relations with its neighbours – Guinea, Guinea-Bissau, Mauritania, Mali and The Gambia. It is a member of the Community of Sahel-Saharan States and also belongs to the 16-member regional bloc, the Economic Community of West Africa States (ECOWAS).
By Modupe Gbadeyanka
For transforming cross-border payments through its deployment with Global Money Exchange, Comviva has been named Best In-Class Cross Border Payments.
The global leader in digital transformation solutions clinched this latest accolade at the IBS Intelligence Global FinTech Innovation Award 2025.
The recognition highlights how Comviva’s mobiquity Pay is helping shape a modern cross-border payment ecosystem that stretches far beyond conventional remittance services.
Deployed as a white label Wallet Platform and launched as Global Pay Oman App, it fulfils GMEC’s dual vision—positioning itself as an innovative payment service provider while digitally extending its core money transfer business.
The solution allows GMEC to offer international money transfers alongside seamless forex ordering and other services. These capabilities sit alongside a broad suite of everyday financial services, including bill and utility payments, merchant transactions, education-related payments, and other digital conveniences — all delivered through one unified experience.
“This award is a testament to Oman’s accelerating digital transformation and our commitment to reshaping how cross-border payments serve people and businesses across the Sultanate.
“By partnering with Comviva and bringing the Global Pay Oman Super App, we have moved beyond traditional remittance services to create a truly inclusive and future-ready financial ecosystem.
“This innovation is not only enhancing convenience and transparency for our customers but is also supporting Oman’s broader vision of building a digitally empowered economy,” the Managing Director at Global Money Exchange, Subromoniyan K.S, said.
Also commenting, the chief executive of Comviva, Mr Rajesh Chandiramani, said, “Cross-border payments are becoming a daily necessity, not a niche service, particularly for migrant and trade-linked economies.
“This recognition from IBS Intelligence validates our focus on building payment platforms that combine global reach with local relevance, operational resilience and a strong user experience. The deployment with Global Money Exchange Co. demonstrates how mobiquity® Pay enables financial institutions to move beyond remittances and deliver integrated digital services at scale.”
“The deployment of mobiquity Pay for GMEC showcases how scalable, API-driven digital wallet platforms can transform cross-border payments into seamless, value-rich experiences.
“By integrating remittances, bill payments, forex services, and AI-powered engagement into a unified Super App, Comviva has reimagined customer journeys and operational agility.
“This Best-in-Class Cross-border Payments award win stands as a testament to Comviva’s excellence in enabling financial institutions to compete and grow in a digitally convergent world,” the Director for Research and Digital Properties at IBS Intelligence, Nikhil Gokhale, said.
By Kestér Kenn Klomegâh
At the end of an extensive consultation with African foreign ministers, Russian Foreign Minister, Sergey Lavrov, has emphasized that Moscow would advance its economic engagement across Africa, admittedly outlining obstacles delaying the prompt implementation of several initiatives set forth in Strategic Action Plan (2023-2026) approved in St. Petersburg during the Russia-Africa Summit.
The second Ministerial Conference, by the Russian Foreign Ministry with support from Roscongress Foundation and the Arab Republic of Egypt, marked an important milestone towards raising bilateral investment and economic cooperation.
In Cairo, the capital city of the Arab Republic of Egypt, Lavrov read out the final resolution script, in a full-packed conference hall, and voiced strong confidence that Moscow would achieve its strategic economic goals with Africa, with support from the African Union (AU) and other Regional Economic blocs in the subsequent years. Despite the complexities posed by the Russia-Ukraine crisis, combined with geopolitical conditions inside the African continent, Moscow however reiterated its position to take serious steps in finding pragmatic prospects for mutual cooperation and improve multifaceted relations with Africa, distinctively in the different sectors: in trade, economic and investment spheres, education and culture, humanitarian and other promising areas.
The main event was the plenary session co-chaired by Russian Foreign Minister Sergey Lavrov and Egyptian Minister of Foreign Affairs, Emigration, and Egyptians Abroad Bashar Abdelathi. Welcome messages from Russian President Vladimir Putin and Egyptian President Abdelhak Sisi were read.
And broadly, the meeting participants compared notes on the most pressing issues on the international and Russian-African agendas, with a focus on the full implementation of the Russia-Africa Partnership Forum Action Plan for 2023-2026, approved at the second Russia-Africa Summit in St. Petersburg in 2023.
In addition, on the sidelines of the conference, Lavrov held talks with his African counterparts, and a number of bilateral documents were signed. A thematic event was held with the participation of Russian and African relevant agencies and organizations, aimed at unlocking the potential of trilateral Russia-Egypt-Africa cooperation in trade, economic, and educational spheres.
With changing times, Africa is rapidly becoming one of the key centers of a multipolar world order. It is experiencing a second awakening. Following their long-ago political independence, African countries are increasingly insisting on respect for their sovereignty and their right to independently manage their resources and destiny. Based on these conditions, it was concluded that Moscow begins an effective and comprehensive work on preparing a new three-year Cooperation and Joint Action Plan between Russia and Africa.
Moreover, these important areas of joint practical work are already detailed in the Joint Statement, which was unanimously approved and will serve as an important guideline for future work. According to reports, the Joint Statement reflects the progress of discussions on international and regional issues, as well as matters of global significance.
Following the conference, the Joint Statement adopted reflects shared approaches to addressing challenges and a mutual commitment to strengthening multifaceted cooperation with a view to ensuring high-quality preparation for the third Russia-Africa Summit in 2026.
On December 19-20, the Second Ministerial Conference of the Russia-Africa Partnership Forum was held in Cairo, Egypt. It was held for the first time on the African continent, attended by heads and representatives of the foreign policy ministries of 52 African states and the executive bodies of eight regional integration associations.
By Adedapo Adesanya
Social media platform, TikTok’s Chinese owner ByteDance has signed binding agreements with United States and global investors to operate its business in America.
Half of the joint venture will be owned by a group of investors, including Oracle, Silver Lake and the Emirati investment firm MGX, according to a memo sent by chief executive, Mr Shou Zi Chew.
The deal, which is set to close on January 22, 2026 would end years of efforts by the US government to force ByteDance to sell its US operations over national security concerns.
It is in line with a deal unveiled in September, when US President Donald Trump delayed the enforcement of a law that would ban the app unless it was sold.
In the memo, TikTok said the deal will enable “over 170 million Americans to continue discovering a world of endless possibilities as part of a vital global community”.
Under the agreement, ByteDance will retain 19.9 per cent of the business, while Oracle, Silver Lake and Abu Dhabi-based MGX will hold 15 per cent each.
Another 30.1 per cent will be held by affiliates of existing ByteDance investors, according to the memo.
The White House previously said that Oracle, which was co-founded by President Trump’s supporter Larry Ellison, will license TikTok’s recommendation algorithm as part of the deal.
The deal comes after a series of delays.
Business Post reported in April 2024 that the administration of President Joe Biden passed a law to ban the app over national security concerns, unless it was sold.
The law was set to go into effect on January 20, 2025 but was pushed back multiple times by President Trump, while his administration worked out a deal to transfer ownership.
President Trump said in September that he had spoken on the phone to China’s President Xi Jinping, who he said had given the deal the go ahead.
The platform’s future remained unclear after the leaders met face to face in October.
The app’s fate was clouded by ongoing tensions between the two nations on trade and other matters.
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