THE Bank of Africa Managing Director and CEO, Mr Ammishaddai Owusu-Amouh has advised Tanzanians to avoid abandoning other economic activities because of gas and oil discoveries in the country.
Mr Owusu-Amouh said Tanzanians should avoid making mistakes that were committed by some African countries after discovering oil in their lands.
He said in some other countries, people abandoned agriculture and other businesses because they discovered oil, but life had not been easier for them because they were forced to import food and other required products from neighbouring countries.
Agriculture is the bedrock of every economic development, and it is doubtful to attain a meaningful level of economic progress without developing the agricultural sector. The sector offers vast opportunities and employs over 80 per cent of Tanzanians.
According to Mr Owusu-Amouh, BOA is looking forward to support Mtwara residents and all Tanzanians in general to continue with production in various areas instead of concentrating on oil and gas alone.
“BOA is committed to support Mtwara people, we want them to continue with production in various areas, agriculture must be given priority, so that there could be no problem in the future,” he said. Until February, 2016 Tanzania had a total estimated natural gas reserve of more than 57 tcf.
Mr Owusu- Amouh advised that Tanzanians should make sure they continue with other economic activities so that the country could move forward in all areas.
Before the discovery of oil in 1956, Nigeria was famous for her agrarian economy through which, cash crops like; palm produce, cocoa, rubber, timber. Groundnut and others were exported, thus making Nigeria a major exporter in that respect.