Tanzania Highlights Investment Opportunities in Fishing Sector

Tanzania hosted the 8^th meeting of the Organization of Africa, Caribbean, and Pacific States (OACPS) Ministers Responsible for Oceans Inland Waters and Fishing at the Julius Nyerere International Conference Center (JNICC) on 9^th-11^th September 2024, in Dar es Salaam.

The event, themed “Accelerating Action For Sustainable And Resilient Oceans, Fisheries And Aquaculture In OACPS Countries And Regions”, was attended by the European Union (EU) and stakeholders from across the OACPS to deliberate on sustainable practices within the realms of oceans, fisheries, and aquaculture.

Opening OACPS 2024 meeting, Tanzania’s Minister of Livestock and Fisheries Hon. Abdallah Ulega said: “The goal of the OACPS meeting is to discuss various issues related to the development of marine and freshwater environments and to establish strategies to safeguard the future of fisheries and fishermen themselves.”

He emphasized the importance of enabling fishers to use modern fishing technologies to move away from traditional fishing methods and acquire modern fishing equipment and noted that the meeting would offer an opportunity for fisheries stakeholders to exchange experiences, allowing them to collectively improve their practices.

“The government of Tanzania, under the leadership of Her Excellency Samia Suluhu Hassan, President of the United Republic of Tanzania, has made significant efforts to address the challenges faced by small-scale fishers and aquaculture farmers, including improving fishing infrastructure, enhancing technology, providing modern equipment for fisheries and aquaculture activities, and creating a conducive environment for accessing capital and markets,” Ulega added.

Moreover, Minister Ulega pointed out that Tanzania will continue to ensure the sustainable management of marine and inland water resources through various strategies, including the Comprehensive Fisheries Sector Plan, the Blue Economy Policy, and ongoing efforts to combat Illegal, Unreported, and Unregulated (IUU) fishing.

Investment Opportunities

The Prime Minister of Tanzania, Hon. Kassim Majaliwa, utilized the platform of the OACPS Meeting to outline the various opportunities available in Tanzania’s fisheries sector.

In his speech, which he delivered on behalf of the President of the United Republic of Tanzania, Hon. Dr. Samia Suluhu Hassan, he mentioned that Tanzania has vast water resources, including the Indian Ocean, lakes, rivers, and both natural and artificial reservoirs.

“We also have fertile land, favourable weather conditions, and a legal framework that encourages the development of fish farming. So far, we have produced 43,411 tons of fish, which accounts for 9% of the country’s total fish production,” added Hon. Majaliwa.

Additionally, Hon. Majaliwa stated that Tanzania has a large economic zone covering 223,000 square kilometers, representing approximately 24% of the total land area of Tanzania.

He explained that the current fishing activities are primarily carried out by distant-water fishing nations, and this area presents a significant opportunity for anyone interested in investing in the country. Investments can be made in purchasing fishing vessels and their services, supplying fishing equipment, fish feed, and any other area that you find appealing within the fisheries sector.

The OACPS booklet released at the event details the wide range of fisheries investment opportunities that Tanzania offers, including in the Exclusive Economic Zone (EEZ), which extends beyond 200 nautical miles from the baselines from which the breadth of the territorial water is measured, focusing on tuna and tuna-like species such as yellowfin, bigeye, albacore, and skipjack.

Other valuable catches include marlin, sharks, and swordfish, in high demand in international markets like Asia, Europe, and America. This provides commercial potential in deep-sea fishing and related processing ventures aimed at improving the fishery value chain and reducing post-harvest losses, which currently stand at 40%.

Fish processing is another key area for investment, especially for species harvested from Lake Victoria, Tanganyika, Nyasa, the Indian Ocean, and aquaculture sources. Modern processing techniques, including solar drying for sardines and enhanced cold storage facilities, present major investment opportunities.

Furthermore, investments in boat manufacturing using fiberglass, aluminum, and steel are critical to advancing the local fishing industry by reducing reliance on traditional wood-based boats. The supply of fishing gears, ice machines, and storage solutions are areas with potential.

Aquaculture investments have opportunities in both marine and freshwater environments. Investors can focus on seaweed farming, prawn and sea cucumber farming, and the production of quality fish seeds, aquaculture equipment, and advisory and technical services.

Additionally, partnerships with the Tanzania Fisheries Corporation (TAFICO)­­—established to promote the growth of the fishing sector by buying, selling, and seeking markets for fish and fisheries products, establishing fish processing industries, supporting innovation, and funding research to enhance the value of fisheries both locally internationally and internationally­­—are encouraged in areas such as deep-sea fishing, cold storage, and aquaculture development.

Tanzania Fishing Sector

Tanzania’s average fish production reached 472,579 tons annually in 2024, valued at TZS 2.94 trillion, compared to 426,555.46 tons worth TZS 2.86 trillion in the same period of 2022/2023.

Of these, 429,168 tons (91%) come from traditional fishing methods, and 43,411 tons from fish farming.

A total of 429,168.39 tons was harvested from natural waters, 61.8% (265,412.19 tons) from Lake Victoria, 18.2% (78,130.12 tons) from Lake Tanganyika, 13.4% (57,590.12 tons) from the Indian Ocean, 2.4% (10,340.88 tons) from Lake Nyasa, 1.3% (5,619.78 tons) from Nyumba ya Mungu Dam, 1.2% (5,274.54 tons) from Mtera Dam, and 1.2% (5,081.74 tons) from Lake Rukwa.

In the 2023/2024 fiscal year, the Ministry of Fisheries targeted to collect TZS 41 billion in revenue and by April 2024, TZS 24.67 billion was collected, which represents 60.16% of the annual goal and 80.2% of the interim target of TZS 30.75 billion for April 2024.

The sector has created nearly 6 million indirect jobs, with 230,000 people engaged in fishing.