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Industry and Trade
Digital development is attracting new Foreign Direct Investment (FDI) to Africa. This as overall FDI into Africa is on the decline according to data…
Kenya’s economy grows 5.3% in first quarter, powered by manufacturing…
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The European Union has imposed restrictions, including a partial oil embargo on Russia. The sanctions will see the E.U. ban seaborne imports of Russian crude oil by the end of 2022. Additionally, petroleum product imports would stand prohibited by early 2023. European Commission President Ursula von der Leyen reiterates the E.U. plans to reduce reliance on Russian fossil resources by 2027.
Because of the European Union’s political determination to minimize its reliance on Russia in response to Moscow’s invasion of Ukraine, the E.U. is now searching for alternative suppliers. The search implies that suppliers such as Africa’s underdeveloped frontier energy markets may discover new energy markets in Europe. Optimism remains high since it is clear the E.U. no longer rely on Russian gas. Russia has for years remained a primary gas supplier in Europe.
Tanzania has been ambitious from day one to strike oil. However, it took a while to find oil deposits, and it will take time to commercialize the oil discovered—a tedious but necessary process.
Oil and gas exploration in Tanzania has been taking place since 1952. The Discovery of oil reserves in Tanzania’s Wembere-Eyasi proves the long wait was worth a while.
In the same suit as its neighbouring nation, Tanzania is to undergo a rigorous process to commercialize the oil discovered entirely.
For instance, in Kenya, which discovered oil and experienced the first stages of (testing) exporting at least 200,000 barrels—the nation is working to build the functioning and healthy infrastructure necessary to tap the existing potential.
Infrastructure development continues to be a vital driver of foreign direct investment (FDI) since logistics are so necessary for global business development, mainly e-commerce, which is now a significant generator of income and jobs at home and abroad.
