Metro

Over 40 French companies to invest in different sectors in Tanzania

Published

2 years ago

May 18, 2022

More than 40 French companies in different economic fields including energy, construction, aviation, infrastructure system, finance, tourism, health and agro-food to water treatment, have developed plans to establish their production base in Tanzania with a view to improving the balance of trade between the two countries, the East African government said on Tuesday.

The investment deal which was brokered by the Tanzania-France Business Forum, according to the country’s Industry and Trade minister, Dr Ashatu Kijaji, will see the sum of $81.1 million (about Sh186.5 billion) pumped into the economy.

Dr Kijaji, while addressing a delegation of 40 companies who are in the country to finalise the deal, said developing production base in the Tanzania would promote value addition, transfer of technology and creation of strong partnership.

“We are encouraged with the approach of several French companies which have shown interests to develop their production base here in the country,” she said.

Dr Kijaji assured the business executives of conducive business environment, saying “Tanzania was offering a well-balanced and competitive package of fiscal trade incentives especially in the priority sectors such as manufacturing, agriculture, tourism, petroleum, gas and mining.”

“For all these sectors, except petroleum and gas, acquisition of all capital goods are zero rated for import duty purposes and Value Added thereon deferred,” she said.

The projects, the Minister said, will employ 2,377 people when they come on full stream and would boost the economy of the nation.

Tanzania is a major business partner with France with its exports last year standing at $17.7 million (about Sh40.7 billion) while imports stood at $63.4 million (about Sh145.8 billion).

While Tanzania’s major exports to France are tobacco, beans, avocados, fish, cotton, vegetables, raw hides and skins, its major imports from France are airplanes spare parts, aircraft engines, industrial sugar, laboratory reagents, vaccines for veterinary medicine and animal feeds machinery.

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Metro

All my tough policy decisions are in Nigerians’ interest— Tinubu

Published

2 hours ago

April 26, 2024

Akanimoh Etim

President Bola Tinubu of Nigeria has insisted that all his tough policy decisions and reforms have been taken with the interest of Nigerians at heart.

Tinubu, who made the assertion in Hague, The Netherlands, during the business session of the bilateral meeting with the Dutch team led by Prime Minister Mark Rutte, insisted that though some of the policies had brought hardship on Nigerian masses, he was not afraid to implement more of such policies as they would yield positive results in the end.

“I am a determined leader of my people. I am ever ready to take tough decisions in the best interest of the people, even if with initial pains,” Tinubu said.

“I have and will continue to take the difficult decisions that will benefit our people, even if there is short-term pain.

“We have gone through the worst of the storms. I am unafraid of the consequences once I know that my actions are in the best long-term interests of all Nigerians.

“The Nigerian naira is one of the world’s best-performing currencies today.

“We took the necessary risk, and all resilient Nigerians kept faith with us.

“They will be rewarded, and the reward will only be greater as we partner effectively with you on new opportunities for development.

“As leaders, we must make decisions for the benefit of our nations, and we cannot shy away from that.”

The President also noted that symbiotic economic ties remain the best long-term path to sustainable and mutual prosperity rather than one-sided relationships in which bilateral trade is skewed too much in one direction.

Metro

Nigeria govt cancels 924 dormant mining licences

Published

4 hours ago

April 26, 2024

Ifeoluwa Dada

Nigeria’s minister of mines said on Wednesday that 924 expired mining licences had been cancelled immediately.

The country now wants investors to apply for the affected permits, which will be given out on a “first come, first served” basis.

In a statement, Mines Minister Dele Alake said that 528 exploration licenses, 20 mining leases, 101 quarry licenses, and 273 small-scale mining licenses would be impacted.

As part of major changes in the mining industry, more than 1,600 mining titles were taken away in November for not paying the required fees.

Alake said that the action was taken to stop “licence racketeering,” which is when people or businesses buy titles to minerals that are worth a lot of money and then sell the licenses to the highest price.

“By creating a secondary, black market to pawn mineral licences, the unsuspecting and unwary investor is misled into believing that he can only obtain licence by patronising the black market. This discourages investment,” Alake said.

“It is our belief that this decision will sanitise the licensing system by penalising those who have commercialized the opportunities offered by the sector into a bazaar, he added.

Nigeria wants to attract investors to a mining industry that hasn’t been developed much in the past. To do this, they are giving incentives like not having to pay taxes on profits and sending them back to Nigeria in full.

Nigeria has had trouble getting value from its huge mineral riches because it didn’t invest in or take care of them.

After making it harder for foreign companies to get mining licenses last year, Africa’s biggest oil provider will only give them to companies that process their minerals in the country itself. The country is also rich in lithium, gold, and limestone.