Gas and oil opportunities open to all: Kigoda

The presence of commercially-viable natural gas reserves in Tanzania offers equal opportunities for both local and foreign investors to tap the benefits that come with the resource, a minister has said.

Industry and Trade minister, Dr Abdallah Kigoda, said in Dar es Salaam yesterday that Tanzanian businesses should take the chance and venture into oil and gas deals instead of complaining. 

“Tanzanian businesses should venture into oil and gas businesses instead of waiting for special treatment from the government and just airing complaints against foreign investors,” he told a gathering of members of the Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA) yesterday.

In his speech, Dr Kigoda said since TCCIA Investment Company had shown the way for buying shares in the National Microfinance Bank (NMB) to the extent of raising a capital of Sh20 billion, the company can do the same in the oil and gas sector.

TCCIA Investment Company Limited owns a 1.7 per cent stake in the National Microfinance Bank (NMB). According to Dr Kigoda, the company injected just Sh2 billion during the privatisation of the bank in 2008, but the money has since then grown to Sh20 billion.

“This is a landmark achievement in your 25 years of existence. The same approach can be applied in search of a venture capital in oil and gas undertakings,” said the minister who supervised the privatization process under former President Benjamin Mkapa.

According to him, under the realities of globalisation members of the business community should not merely air complaints against foreign investors because foreign investors are equally treated as they also have a vital role to play in achieving a robust economic growth.

The first TCCIA president Mr David Mwaibula, supported Dr Kigoda urging his colleagues to venture into strategic alliances with foreign investors in oil and gas so that Tanzanians can have the capacity to own the economy.

Mr Mwaibula, however, said members of the business community should continue to agitate for improved business environment to have a bigger stake in the national economy.
Source: The Citizen, reported by  Ludger Kasumuni from Dar es Salaam, Tanzania
Share on Google Plus

About Abduel Elinaza

This is a short description in the author block about the author. You edit it by entering text in the "Biographical Info" field in the user admin panel.