Stanbic Bank Tanzania recently released its macroeconomic study on Tanzania’s Liquefied Natural Gas (LNG) project, which examines its socioeconomic impact on the country.
The report was launched on 26th October 2022 in Dar Es Salaam at an event attended by Hon. January Makamba, Minister of Energy of Tanzania, senior government officials and representatives from the Ministry of Energy; representatives from the Tanzanian private sector, industry experts, civil society, and other stakeholders.
According to the bank’s analysis, upon completion, Tanzania’s LNG will be the largest energy project in Africa’s history in terms of capital investment and could increase Tanzania’s Gross Domestic Product (GDP) by USD 7 billion per year.
Minister Makamba applauded Stanbic for the report saying the insights are critical in providing an overall understanding of the macroeconomic impact of the project.
Commenting on the report, Stanbic Bank Tanzania CEO, Kevin Wingfield said: “We
are delighted to provide crucial insights at a time when Tanzania envisages to
become an industrialized nation. No doubt through the effective implementation of
the LNG project we can boost industrialization and promote the country’s economic
diversification. Our analysis shows that the project’s impact on the economy could
be transformational; providing a significant boost to the fiscus with billions of US
dollars in revenue, hundreds of direct job opportunities, and thousands of indirect
employment opportunities.”
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