June 10, 2024

Tanzanian authorities call for more Nigerian investors

Tanzanian authorities call for more Nigerian investors

Tanzanian authorities have expressed optimism that more Nigerians will invest in the country, saying it would create employment opportunities for citizens and boost the country’s economy.

Addressing newsmen in Lagos, Chairman, Board of Directors of Tanzania Investment Centre, Dr Binilith Mahenge, said the discussion that was held between the High Commission of the United Republic of Tanzania through the Tanzania Investment Centre and members of Lagos Chamber of Commerce and Industry was focused on investing profitably.

Mahenge said: “We believe we can exchange what is there in Nigeria to go to Tanzania and what is there in Tanzania to go to Nigeria. The investment in Tanzania from Nigeria is among the three biggest investments in Tanzania. Among the investors from Nigeria is Dangote. He has constructed a very big factory and employed many. Those are the ambassadors to Tanzania, because they have made the story successful.

“There are laws and we have established a new act for investments. The population of Tanzanians is 61,000. We want participants to see opportunities we have and make a decision to invest in Tanzania.”

Also speaking, Honorary Consul of the United Republic of Tanzania to Lagos State and former President of Lagos Chamber of Commerce and Industry, Toki Mabogunje, said: “This is an investment forum. There is so much Tanzania has to offer to the world. There is even so much Nigeria can offer to the rest of the world as well.

“Tanzania is spreading its wings. This Forum is there to educate Nigeria investors about the opportunities in Tanzania. To give an opportunity for them to interact with the Chairman of Tanzania Investment Centre, of course to talk about what are the opportunities, what are the incentives for investors.

“At the end of this event, we are coming up with a mission to the Tanzanian. People are going to subscribe to this mission, it is a wonderful thing that Nigeria captains of industry are here which cuts across all the sectors of the economy.

“So there is an opportunity for everybody, and we are looking forward to a very positive outcome. My mandate as honorary consul is what is refered to as Economic diplomacy. My remit is to promote and encourage trade between Tanzania and Lagos State.

“I am Consul to Lagos State but of course you know Lagos State is responsible for about 70 percent of the non-oil economy of Nigeria, so somehow that also results in promoting business between Nigeria and Tanzania.

“So many people don’t know much about Tanzania. Since independence, they have not had a military coup intervention. They have peace in that country, they’ve had such a stable political environment.

“On top of it, with the coming of AFCFTA, which we all know about, Tanzania is the first to sign up. They are one of the first eight countries that signed up to the AFCFTA. They quickly committed to the idea of one market of the continent of Africa.

“So there is economic stability and there is political stability. They have some of the best investment, incentives in the continent, they have a great economic environment, and their ease of doing business is really really good.

“I want the participants of this forum to Get in touch with me at the Tanzania high commission, let’s do business with Tanzanians. Nigeria is a great investor. We already have pioneers in Tanzania. Quite a few Nigerian companies are there, I have spoken with some of them and they are all doing very well. Let’s join the bandwagon, let’s move from being in the top ten investors in Tanzania to the top five.”

President of Lagos Chamber of Commerce and Industry, Gabriel Idahosa, on his part, said: “There are lots of investment opportunities we Nigerians are not aware of, Nigeria should be the first beneficiaries of the vast opportunities in Africa continents.

“A lot of African countries now realize that it is much easier to get Nigeria to invest in their country than to get foreigners. We already know the continent, our cultures are similar, our issues are similar, it is easier for us to understand their problems once they are ready to solve them.

“So the message we have received from Tanzania today is that they are already to solve any issue that Nigerians who want to invest in Nigeria have to deal with.

“We have the Chairman investment center telling us that whatever issues we have had in the past, and any issues we would have now for new investors, they are willing, able and ready to resolve them.

“This is the message we are taking back to all our 3000 members in Lagos State Chamber of Commerce and Industry that there are vast opportunities in Tanzania and we should be the first to take them before investors from other African countries. We want Nigerian Banks in Tanzania to work with us because they have been there. It is important we leverage on that. They have been there. They can advise us, what we should do. They have the information, they have the contact.

“If I go to GTB in Tanzania and say I want someone in meat processing, it is likely to find some. If I want to do construction, our banks there are likely to say these are the companies in construction, they can link you up with them, so that you can learn from them. It is important that our banks in those African countries will be the one leading other businesses from Nigeria to those countries. Because they are already on ground, they know the terrain, they know the experience, they know the business community there. So they have a major role to play in bringing more Nigerians to invest in all African countries, not just Tanzania.”