The United Republic of Tanzania has emphasized the importance of African countries investing in each other, rather than relying on foreign investors from outside the continent. This message was conveyed through the Tanzanian High Commission in Nigeria during a strategic investment forum for prospective investors in Enugu, organized by the Enugu Chamber of Commerce Industries, Mines and Agriculture (ECCIMA).
Dr. Binilith Mahenge, Chairman of the Board of Directors of the Tanzania Investment Centre, highlighted the country’s economic stability, rich natural resources, peace, and political stability as key attractions for investors. He noted that Tanzania has a robust power generation and distribution mechanism, employs high-tech industrialization, and is already home to 28 Nigerian companies that have created approximately 1,990 jobs.
Mahenge assured prospective investors that Tanzania’s economic policy offers a five-year tax waiver for direct foreign investments, stating, “We’ll prefer somebody from Nigeria coming to invest in Tanzania than somebody from Europe.”
Additionally, the Tanzanian investment act allows foreign investors to repatriate their net profits back to their native countries. The country is particularly interested in attracting investments in the hospitality, tourism, real estate, agriculture, and mining sectors.
Mr. Odeiga Jideonwu, President of ECCIMA, emphasized that the forum aimed to foster lasting and profitable bilateral trade and business relations, starting with African countries. He expressed hope that the event would lead to further planning and the signing of memoranda of understanding (MOUs) for bilateral investments, with the Tanzanian government providing protection for Nigerian investments.
“It is our hope that those of us in Agriculture, ICT, Health, Construction, Manufacturing of consumer goods, financial services, environment/energy, real estate, etc., will after this program further plan a trip to Tanzania to sign MOU for bilateral investment. It is our hope that the Tanzanian Government will protect the investment of our people if anyone decides to give it a trial soon after this meeting,” Jideonwu said.
