Tanzanian Authorities Seek Increased Nigerian Investment to Boost Economy


Tanzanian authorities have called for more Nigerian investments, emphasizing the potential for job creation and economic growth in Tanzania.

At a press briefing in Lagos, Dr. Binilith Mahenge, Chairman of the Board of Directors at the Tanzania Investment Centre, discussed recent talks between the Tanzanian High Commission and the Lagos Chamber of Commerce and Industry. He highlighted the mutual benefits of Nigerian investment in Tanzania and vice versa.

Mahenge noted, “Nigeria is one of the top three investors in Tanzania, with significant contributions from firms like Dangote, which has established a large factory and created numerous jobs. These successful ventures are testament to the potential for fruitful investments in Tanzania.”

He also mentioned new legislation aimed at making Tanzania more attractive to investors, inviting Nigerians to explore the available opportunities.

Toki Mabogunje, Honorary Consul of Tanzania to Lagos and former President of the Lagos Chamber of Commerce and Industry, described the event as an investment forum designed to showcase Tanzania’s potential. “This forum educates Nigerian investors about the opportunities and incentives in Tanzania, fostering direct interaction with the Chairman of the Tanzania Investment Centre,” she said.

Mabogunje emphasized her role in promoting trade between Tanzania and Lagos State, advocating for economic diplomacy to strengthen bilateral relations.

Gabriel Idahosa, President of the Lagos Chamber of Commerce and Industry, pointed out that many Nigerians are unaware of the investment opportunities in Africa. “Nigeria should be the first to benefit from the vast opportunities on the continent. It’s easier for African countries to attract Nigerian investors due to shared cultural and economic contexts,” he stated.

The forum concluded with plans for a trade mission to Tanzania, aiming to solidify these investment opportunities and encourage further collaboration.

Mike Ojo

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