Tanzania seeks investment to tackle youth job pressure
Efforts to partner with private companies are part of a bid to create jobs, said the country’s prime minister.
Tanzania is seeking increased investment to address the pressure on its youth job market, according to Prime Minister Mwigulu Nchemba. The government aims to attract $15 billion in annual foreign direct investment, nearly triple the previous year's figure, as part of its long-term economic plans. Nchemba highlighted recent investments in rail and port infrastructure, power generation expansion, and reducing business costs to build an industrial base.
He emphasized that enhanced industrialization would lead to more employment opportunities through local processing of natural resources. With a population where 42% are aged 14 or under, Tanzania faces the challenge of creating work for its large young workforce. The government's strategy hinges on bolstering the private sector through investment, as a single graduate cannot absorb all the job openings.
Tanzania boasts substantial offshore gas resources and minerals essential for the energy transition and digital infrastructure, including copper, lithium, cobalt, gold, and diamonds. Earlier this year, Tanzania commissioned a 2,115 MW hydropower plant, more than doubling its electricity generation capacity and generating a surplus that could support power exports and industrial growth.
Like governments across Africa, Tanzania is exploring ways to add value to local natural resource exports rather than solely relying on raw material sales. In neighboring Kenya, President William Ruto has prioritized job creation through industrialization as a key campaign promise for re-election next year.
Written by urgent.news from Semafor's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
