TANZANIA ADVISED NOT TO ABANDON OTHER ECONOMIC SECTOR BECAUSE OF DISCOVERY OF OIL AND GAS

DAR-ES-SALAAM, The Managing Director and Chief Executive Office of bank of Africa, Ammishaddai Owusu-Amouh, has advised Tanzania not to abandon other economic activities because of discoveries of gas and oil in the country.

Owusu-Amouh said here Monday that Tanzanians should avoid making the mistakes committed by some African countries after discovering oil in their lands and where the people abandoned agriculture and other businesses. However, life had not become easier for them because they were forced to import food and other necessities from neighbouring countries.

The head of the pan-Africa banking group said agriculture is the bedrock of all economic development, and it is doubtful if efforts to attain a meaningful level of economic progress can succeed without developing the agricultural sector. The sector also offers vast opportunities and employs more than 80 per cent of Tanzanians, he noted.

According to Owusu-Amouh, the Bank of Africa (BOA) was looking forward to supporting Tanzanians to continue with productive activities in various areas instead of concentrating on oil and gas alone.

Owusu-Amouh advised Tanzanians to make sure they continue with other economic activities so that the country could move forward in all areas.

He noted that before the discovery of oil in Nigeria in 1956, the country was famous for its agrarian economy through which, cash crops like palm produce, cocoa, rubber, timber, groundnut and others were exported, making Nigeria a major exporter in these products.

Source: NAM NEWS NETWORK