Tanzania’s economy is expected to grow by about 6% in 2025 from an estimated 5.4% growth in 2024, its finance minister and central bank governor said in a letter to the International Monetary Fund (IMF).

Some of the potential risks to the performance in the near term would include intensification of regional conflicts, increased commodity price volatility, a global economic slowdown and natural disasters related to climate change, Finance Minister, Mwigulu Nchemba, and Central Bank Governor, Emmanuel Tutuba, said.

Real GDP increased by 5.3% in 2023 from 4.7% in 2022, propelled by private investments on the demand side and manufacturing, construction, and agriculture on the supply side.

Strict monetary policy and moderate food and energy prices contributed to the decline in inflation from 4.3% in 2022 to 3.8% in 2023. In 2023, the Tanzanian shilling lost 8% of its value due to a lack of foreign exchange.

In order to meet the nation’s commitment to the UN Sustainable Development Goals, Nigeria will prioritize the development of natural gas in its next auction of underdeveloped oil and gas blocks, the oil regulator announced on Wednesday.

Since the nation established a comprehensive oil overhaul law in 2021 as part of attempts to increase oil output to pay for government spending, this would be the third block auction.

“The licensing round is more than a commercial exercise, it is a bold declaration that Nigeria is ready for business,” Gbenga Komolafe, head of the Nigerian Upstream Petroleum Regulatory Commission, said during a bid conference in Lagos.

According to Komolafe, the bidding process for new offshore oil blocks that Nigeria launched in February is now complete, and the winning bidders would get licenses for their blocks “within a few months.”

Nigeria is a major producer of oil in Africa, the country is the fifteenth largest oil producer in the world, with 15 pipelines in operation and an average daily output of over 1.5 million barrels in 2023.

Furthermore, the petroleum sector contributes around 92% of the total value of Nigeria’s exports and 5.5% of its GDP.

Nigeria to auction underdeveloped oil and gas fields in 2025

In order to meet the nation’s commitment to the UN Sustainable Development Goals, Nigeria will prioritize the development of natural gas in its next auction of underdeveloped oil and gas blocks, the oil regulator announced on Wednesday.

Since the nation established a comprehensive oil overhaul law in 2021 as part of attempts to increase oil output to pay for government spending, this would be the third block auction.

“The licensing round is more than a commercial exercise, it is a bold declaration that Nigeria is ready for business,” Gbenga Komolafe, head of the Nigerian Upstream Petroleum Regulatory Commission, said during a bid conference in Lagos.

According to Komolafe, the bidding process for new offshore oil blocks that Nigeria launched in February is now complete, and the winning bidders would get licenses for their blocks “within a few months.”

Nigeria is a major producer of oil in Africa, the country is the fifteenth largest oil producer in the world, with 15 pipelines in operation and an average daily output of over 1.5 million barrels in 2023.

Furthermore, the petroleum sector contributes around 92% of the total value of Nigeria’s exports and 5.5% of its GDP.