NSSF one of big investors in Tanzania - Ambassador Kabonero

Dec 01, 2021

He said so far NSSF has invested over $700m in a series of ventures and was ranked one of the top three taxpayers in the country. 

Ambassador Richard Kabonero, Uganda's High Commissioner to Tanzania speaking to journalists at his office in Dar es salaam. Photos by Eddie ssejjoba

Eddie Ssejjoba
Journalist @New Vision

Uganda’s High Commissioner to Tanzania has applauded the National Social Security Fund (NSSF), which he said had taken the lead in investing in Tanzania.

He said so far NSSF has invested over $700m in a series of ventures and was ranked one of the top three taxpayers in the country. 

“This investment is not for charity, but NSSF has invested pensioners’ money and is making profits,” he said. Other companies that are making investments include Roofings Uganda Limited, Movit, and others. He said Movit was making final plans to set up a shampoo-making factory in Tanzania while Roofings wants to use the port of Dar es Salaam for their imports.

He, however, said there were many other opportunities for small and medium enterprises to invest in Tanzania and other Southern Africa countries, which he said was still ‘virgin land’ and ripe for opportunities. 
Ambassador Richard Kabonero, Uganda's High Commissioner To Tanzania

Ambassador Richard Kabonero, Uganda's High Commissioner To Tanzania

He said the East Africa Crude Oil Pipeline (EACOP) project worth over $3.5b was one of the biggest attractions where Ugandans can grab opportunities and make money.

“Some big boys like NSSF are already doing well in the region we want to focus on the small and medium enterprises that are still finding many obstacles to penetrate the scheme,” he told journalists during an interview in his office in Dar es Salaam on Monday. 

Kabonero said that during the state visit of President Yoweri Museveni between Saturday and Monday, he held several discussions with his counterpart, Samia Suluhu Hassan and the two were concerned that small and medium enterprises had not yet benefited from the mega project. 

The two presidents, he said, directed the missions of both countries to quickly work on removing non-trade barriers that were cited as one of the obstacles to the free movement of people and trade.

This he said, will enable the small private enterprises to start trading. Museveni concluded his visit on Monday after commissioning a school in Chato, Northwestern Tanzania, which he sponsored and was named after him.  

According to Kabonero, the Presidents gave directives that removal of non-trade barriers must be effectively removed not later than December this year.  

“We have already started working out dates when the ministries of foreign affairs of both countries should meet under the Joint Permanent commissions,” Kabonero explained.     

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