Tanzania is in need of fresh investments from the Dangote Group, as the government wants to scale up industrialization and strengthen economic ties with Nigeria.
The Minister of State in the President’s Office for Planning and Investment, Prof. Kitila A. Mkumbo stated this after a meeting with the Dangote Petroleum Refinery and Petrochemicals in Lagos.
The meeting was organized after the talks between President Samia Suluhu Hassan and Aliko Dangote about expanding the group’s presence in Tanzania.
The Dangote Group owns the largest cement factory in Tanzania, valued at around $800 million. The government wants the business to invest more in fertilizer production, energy, and industrialization.
The News Chronicle reports that the Tanzanian government views Dangote’s expanding industrial footprint as an opportunity to deepen manufacturing capacity and promote regional trade under the African Continental Free Trade Area.
Mkumbo stated that strengthening industrial cooperation was critical to Africa’s development, especially as the continent sought to reduce its reliance on foreign imports and energy sources. He further stated that the creation of the Dangote refinery would help the continent become more energy-independent and less vulnerable to global oil market fluctuations.
Meanwhile, Mkumbo noted that Tanzania’s latest move demonstrated its growing interest in Dangote’s industrial expertise, which it hoped to leverage to attract investments and promote its own growth and development.
