UK to Boost Trade, Jobs in Tanzania

Image

By Modupe Gbadeyanka

The United Kingdom (UK) has promised to sharpen its focus on economic development in the world’s poorest countries to help create the economic growth that will sustain rapidly growing populations, provide a long term solution to poverty and deal with the root causes of problems that affect Britain and Tanzania.

This pledge was made by the International Development Secretary, Priti Patel on Tuesday, January 31, 2017.

Over the next decade, a billion more young people will enter the job market, mainly in Asia and Sub-Saharan Africa. Africa’s population is set to double by 2050. This demographic challenge will add to the pressure of protracted crises and mass migration.

DFID’s first Economic Development Strategy sets out how investment in economic development will help developing nations speed up their rate of economic growth , trade more and industrialise faster, and ultimately lift themselves out of poverty.

By helping the world’s poorest countries grow their economies, this investment will help create the UK’s trading partners of the future, boost global prosperity and address some of the root causes of global issues such mass migration and instability that affect the UK.

Patel said, “There is no task more urgent than defeating poverty. The UK has a proud record of supporting people in desperate humanitarian crises, but emergency help alone won’t tackle the global changes we face.

“With dramatic increases in population across Africa and Asia, developing nations must act fast to create jobs and investment, which is why Global Britain is leading a more open, more modern approach to development through our economic development to help the world’s poorest countries stand on their own two feet.

“With the UK’s support, more people across Tanzania have the chance to get a job and build a brighter future for themselves and their families. The UK will continue to build this partnership between our two countries.

“Over the next decade a billion more young people will enter the job market. Africa’s population is set to double by 2050 and as many as 18 million extra jobs will be needed. Failure will consign a generation to a future where jobs and opportunity are out of reach; potentially fuelling instability and mass migration with direct consequences for Britain.

“Developing countries want to harness trade, growth and investment opportunities and Britain will lead the way to lift huge numbers out of grinding poverty to prosperity.”

“The department will work across government to increase the number and quality of jobs in poor countries, enable businesses to grow and prosper, support better infrastructure, technology and a skilled and healthy workforce.”

Patel further disclosed that the announcement builds on the UK’s existing work to drive economic development, which has helped almost 70 million people access financial services, over 6 million people improve their land and property rights, and improved access to clean energy for over 6 million people.

“Through the new Economic Development Strategy DFID will build the potential for developing countries to trade more with the UK and the world; create economic opportunities in fragile and conflict states where jobs and livelihoods are desperately needed; build partnerships with business – including Small and Medium Business (SMEs) – to make it easier for companies, including those in the UK, to invest in markets of the future; work closely with the City of London so it becomes the leading financial centre for the developing world; focus investment in job-creating sectors such as manufacturing, infrastructure and commercial agriculture to provide strong foundations for sustainable growth; use the UK’s voice in the World Trade Organisation (WTO) to argue for better and fairer trading rules; strengthen institutions, tackle corruption and help countries mobilise their own domestic resources to support their development; and continue to champion innovative private finance investment to stimulate growth, CDC will be at the heart of this.

Patel pointed out that the UK support to Tanzania is helping to Improve Tanzania’s main port and regional trade gateway to allow port capacity to double by 2023 and develop the transport corridors that Tanzania and the region need; connect more than 400,000 homes in Tanzania, Kenya and Uganda to solar power, providing 50 million hours of fume-free lighting a month and creating 2,500 jobs; and build over 1,230 km of rural roads. Rural communities now report better access to healthcare, schools and agricultural services.

Share
Related Stories
Image
27-February-2024

We Are Not Responsible for Your Woes—CBN Tells Nigerians

By Aduragbemi Omiyale The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has absolved the bank from the current economic hardship the citizens are going through, saying he and his team are only part of the solution and not the problem. He said this on Tuesday while briefing newsmen on the outcome of the first Monetary Policy Committee (MPC) meeting under his leadership. Mr Cardoso was confirmed as the substantive leader of the central bank last September by the Senate after Mr Folashodun Shonubi, who sat on the seat in an acting capacity after the removal of

Image
26-February-2024

Dollar Crashes to N1,520/$1 at Parallel Market

By Dipo Olowookere The value of the Naira to the US Dollar significantly strengthened in the parallel market on Monday, trading at N1,520/$1 compared with the N1,700/$1 it was traded on Sunday. This development followed steps taken by the Central Bank of Nigeria (CBN) last week to stabilise the currency market and take control of the ecosystem. Recall that over the weekend, the central bank announced plans to increase the minimum capital base of Bureaux De Change (BDC) operators to N2 billion for national operations and N500 million for regional. It was also speculated that the bank may resume the

Image
28-February-2024

CBN Rate Hike Will Disrupt Economic Growth, Investment—CPPE

By Aduragbemi Omiyale The hike in the Monetary Policy Rate (MPR) by 4.00 per cent by the Central Bank of Nigeria (CBN) on Tuesday will not bring down inflation as believed, the Centre for the Promotion of Private Enterprise (CPPE) has declared. The chief executive of the organisation, Mr Muda Yusuf, said this is so because the Monetary Policy Committee (MPC) of the apex bank failed to take into consideration the country’s peculiarities before deciding to jerk the benchmark interest rate to 22.75 per cent from 18.75 per cent. The CBN, through its governor, Mr Yemi Cardoso, while briefing journalists

Image
28-February-2024

Nigeria’s Over-the-Counter Securities Market Down by 1.62%

By Dipo Olowookere Selling pressure on a bellwether stock, Aradel Holdings Plc, further sank the NASD over-the-counter (OTC) Securities Exchange by 1.62 per cent on Tuesday. The energy stock, which had maintained an upward posture for some trading session, witnessed profit-taking yesterday like it did a day earlier. During the trading day, its value went down by N129.50 or 5.14 per cent to N2,520.50 per share compared with Monday’s closing price of N2,650.00 per share. Its loss overpowered the gains recorded by the duo of FrieslandCampina Wamco Nigeria Plc and UBN Property Plc. According to data from the bourse, the

More Stories
Image
19-December-2023

Naira Firms to N888/$1 at Official Market, N1,230/$1 at Black Market

By Adedapo Adesanya The Naira opened in the first trading session of the week stronger, firming up by 0.2 per cent or N1.51 against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday. At the close of trades, its value settled at N888.35/$1 compared with last Friday’s exchange rate of N889.86/$1. The local currency was strengthened by an improvement in the supply of foreign exchange (FX) to the spot market during the session, easing pressure on it. The value of forex bought and sold in the official market yesterday was $137.82 million, higher than the $41.66 million

Image
30-December-2022

Banks Stop Use of Naira Card for International Transactions

By Aduragbemi Omiyale From December 31, 2022, bank customers in Nigeria would no longer be able to use their Naira Mastercard for international transactions, Business Post has learned. This is coming as the country is making efforts to ease the pressure on the Naira amid a shortfall in the supply of foreign exchange (forex) in the financial system. The Central Bank of Nigeria (CBN) has put several policies in place to discourage the use of Dollars for transactions in Nigeria, directing commercial banks to block avenues used by their customers to withdraw FX. This new policy putting a stop to

Image
17-May-2021

Sanwo-Olu Allots 100 Hectares in Epe for Lagos Film City

By Modupe Gbadeyanka As part of efforts to boost the creative and entertainment industry, Governor Babajide Sanwo-Olu has been 100 hectares in Ejirin community in Epe for the establishment of the proposed Lagos Film City. The Commissioner for Tourism, Arts and Culture, Mrs Uzamat Akinbile-Yussuf, confirmed this development at the inter-ministerial press briefing held at Bagauda Kaltho Press Centre, Alausa, to mark the second-year anniversary of the Mr Sanwo-Olu administration. She explained that the project is being developed through Public-Private Partnership (PPP) and will serve as a catalyst to accelerate the development of tourism in Lagos. She further said the

Image
24-September-2017

FGN Bond Prices Close Bullish Across Maturities

By Cowry Asset In In the just concluded week, OTC bond prices climbed further amid bargain hunting activities. Specifically, the 20-year, 10% FGN JUL 2030 paper, the 10-year, 16.39% FGN JAN 2022 debt, the 7-year, 16.00% FGN JUN 2019 and the 5-year, 14.50% FGN JUL 2021 debt appreciated by N0.35, N1.14, N0.40 and N0.92 respectively; corresponding yields fell to 16.26% (from 16.35%), 15.89% (from 16.26%), 15.95 (from 16.21%) and 16.02% (from 16.35%). Elsewhere, FGN Eurobonds traded on the London Stock Exchange depreciated in value for all of the maturities amid sustained profit taking. Prices of the 10-year, 6.75% JAN 28,

Image
09-November-2018

CBN Retains OMO Rates, Mops up N365b

By Dipo Olowookere Yesterday, the Central Bank of Nigeria (CBN) conducted the second Open Market Operations (OMO) for the week. During the exercise, the apex bank mopped up excess liquidity worth N364.98 billion from the system to curb inflation. From the exercise, the central bank sold N23 million worth of the 91-day bill from the N100 billion offered to investors at 11.50 percent. Also, the bank raked N78.67 from the 182-day note after auctioning N150 billion worth of the instrument and receiving subscriptions valued at N79.67 billion. This cleared at 13 percent, the same rate during Tuesday’s exercise. In addition,

Image
27-October-2021

Media Practice in Nigeria and Enebeli’s Quest for Professionalism

By Jerome-Mario Utomi Like every new invention which comes with opportunities and challenges, there was a veiled agreement among participants at a recent gathering (annual lecture) in Asaba, the Delta State capital, that with strict adherence to the tripod of ethics, professionalism and quality service in the delivery of journalistic mandate as publishers and purveyors of authentic, credible and verifiable information, media professionals will continue to provide the needed sustainable partnership and collaboration in nation-building as well as support the fundamental needs of the country, and the positive purpose of the elected government if it will not in any way

Image
23-February-2022

The Voice Nigeria Season 4 Winner to Get Car from JAC Motors

By Modupe Gbadeyanka The Voice Nigeria Season 4 will experience a smooth and enjoyable ride with the announcement of JAC Motors (Elizade JAC Autoland) as the Official Automobile Partner. On Friday, February 18, 2022, registration for the popular music talent show commenced, giving room for budding acts from 18 to 50 years residing in Nigeria to partake in the blind auditions. The inclusion of JAC Motors as one of the sponsors will spice up the programme as the winner of the prestigious show will cruise home with a third-generation state-of-the-art vehicle from the company. This was confirmed by the organisation

Image
08-June-2023

Fearless Energy Drinks to Energise Bikers, Drifters in Gombe

By Aduragbemi Omiyale Members of the Association of Bikers and Drifters intending to be in Gombe State from today, Thursday, June 8, 2023, have been assured drinks that would energise their system. This assurance was given by Fearless Energy Drinks, which supports the Gombe Grand Coverage under its Embrace the Thrill slogan. Business Post reports that activities lined up for the 5-day event will include the arrival of bikers and stunts, aerobics, indoor games, motorsports, music performance, fireworks, library commissioning, tree planting and a courtesy visit to the palace of the Emir of Gombe, Mr Abubakar Shehu Abubakar III, who

Ad
Ad
Recent Stories
Image
28-February-2024

Dangote Cement Wins Environmental Sustainability Award

By Aduragbemi Omiyale NatureNews has announced Dangote Cement Plc as the winner of the 2023 NatureNews Environmental Sustainability Award at its 3rd anniversary themed Climate Change and Energy Transition in Nigeria. At the Anniversary Lecture and Presentation of the Hero of Environmental Actions for Development (HEAD) held on Tuesday at the Shehu Musa Yar’Adua Centre, Abuja, the news platform said Dangote Cement was nominated for the category following a thorough screening by eminent professionals. The Publisher and Editor-in-Chief of NatureNews, Mr Aliyu Akoshile, disclosed that during the screening, it was discovered that the cement maker had deployed cutting-edge technology to

Image
28-February-2024

Nigeria’s Stock Market Stands Still to Honour Ogunbanjo’s Legacy

By Aduragbemi Omiyale The stock market in Nigeria stood still for the late former chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbanjo, on Tuesday, February 27, 2024. The day was set aside to pay homage to the enduring legacy of the esteemed luminary, who died in a helicopter crash in the United States a few weeks ago along with the group chief executive of Access Holdings, Mr Herbert Wigwe, his wife and son. The NGX Group held an Afternoon of Tributes and Closing Gong Ceremony yesterday for him in collaboration with the Coronation Group. In a poignant

Image
28-February-2024

Fans Anticipate ‘Return of Maleeka (Atupa)’ by Mobolaji Samuel

By Modupe Gbadeyanka Some movie lovers are already calling on a movie producer in Nigeria, Ms Mobolaji Samuel, to release the sequel to her captivating film, Maleeka, Return of Meleeka (Atupa). The quest to see the second part of the flick is due to the exploits of the Nollywood filmmaker in the first part. However, she has called for calm, assuring her fans that the release date of her latest work of art would be announced very soon. Speaking recently on the Return of Maleeka (Atupa), the charming movie maker described the film as a story of faith and resilience,

Image
28-February-2024

FG Selects Learning Community Managers for 3MTT Initiative

By Modupe Gbadeyanka The federal government has selected Learning Community Managers for the 3MTT Initiative for all 36 states of the federation and the Federal Capital Territory (FCT). The managers were picked for the programme by the Federal Ministry of Communications, Innovation & Digital Economy, which is handling the initiative. Recall that the government secured N1 billion in partnership with IHS Nigeria to support the 3MTT Learning Community. The selection of Learning Community Managers marks a significant milestone in the government’s efforts to empower Nigeria’s tech talents. These individuals will play a crucial role in managing and assisting participants in

Image
28-February-2024

Renowned Embryologist Dr Marta Jansa Perez Visits Bridge Clinic Nigeria

By Modupe Gbadeyanka A renowned embryologist, Dr Marta Jansa Perez, has visited the Bridge Clinic Nigeria in Lagos, reinforcing its commitment to excellence in reproductive healthcare. Ms Perez is the Director of Embryology at Bridge Clinic London. Her visit to the Nigerian affiliate of the foremost healthcare organisation is a testament to the partnership between the two clinics, opening new avenues for the exchange of expertise and resources. The health practitioner arrived at Bridge Clinic Nigeria on Monday, February 19, 2024. Her week-long visit was meticulously structured around training, process and quality improvement, research and development, and guidance on best

Image
28-February-2024

Zero Routine Gas Flares and Delta Communities

By Jerome-Mario Utomi It is common knowledge that in pursuit of meeting the targets of 20 per cent (unconditional) and 47 per cent (conditional) greenhouse gas emission reduction as contained in the Nationally Determined Contribution under the Paris Accord reportedly signed by the President Bola Tinubu administration, the Nigerian National Petroleum Company Limited/TotalEnergies joint venture recently achieved zero routine gas flare in all its assets. While it is obvious that “the significance of this achievement is that the last routine flare volume of about 12MMscf/d (12 million standard cubic feet per day) of gas has now been eliminated giving rise

Image
28-February-2024

70 Active Stanbic IBTC Bank Customers Grab N7m in January Draws

By Aduragbemi Omiyale The sum of N7 million has been won by 70 active customers of Stanbic IBTC Bank in its ongoing Reward4Saving Promo. The money was won in the January 2024 draw, bringing the total number of beneficiaries since the inception of the promo in 2021 to 1,424 valued at N234 million, a statement from the company said. The Reward4Saving Promo was created to foster disciplined saving habits among Nigerians, offering them rewards for achieving specified savings targets. In the January draw, 10 winners were selected from each of the seven business regions operated by the bank in Nigeria,

Image
28-February-2024

Firms in Nigeria to Pay Annual Levy for Hiring Foreigners

By Aduragbemi Omiyale A new tax known as Expatriate Employment Levy (EEL) has been introduced by the federal government and it is to be paid by companies, which hire foreigners to work in Nigeria. The scheme was launched on Tuesday in Abuja by President Bola Tinubu and it is to close wage gaps between expatriates and Nigerian workers. The government explained that the policy aims to find a balance between leveraging foreign expertise and fostering local talent in Nigeria’s job market through the EEL, emphasising that it is not to discourage foreign investments. It was stressed that the level would

Image
28-February-2024

Senate Advocates Introduction of Food Stamps in Nigeria

By Adedapo Adesanya The Senate has urged the federal government to introduce the Nigerian version of the “food stamps programme” as an interim intervention to cushion the effects of food shortages in the country. This followed the adoption of a motion on the Introduction of Food Stamps in Nigeria as an Interim Measure to Address Imminent Food Insecurity in the country, by Mr Ali Ndume, the Senate Chief Whip at plenary on Tuesday. Presenting the motion, Mr Ndume said that in other countries, like the United States, food stamps were government-issued coupons that had been in use since 1939. “This is

Image
28-February-2024

Trucks Transit Parks Reflects Industry Impact, Future Opportunities

By Modupe Gbadeyanka A leading technology company specializing in mobility solutions, Trucks Transit Parks (TTP) Limited, is marking its third year of operations. As part of this, the firm is reflecting on the significant impact it has made in the maritime and logistics industry. TTP, since its inception to revolutionize the maritime and logistics sector in Nigeria through truck mobility solutions powered by technology, has emerged as a key player in driving port terminal efficiency, reducing traffic congestion, and creating new business opportunities within the Apapa port economic zone. “Our third anniversary of operations provides us an opportunity to reflect