On 18th November 2024, the Tanzania Chamber of Commerce, Industry, and Agriculture (TCCIA) and the East Africa Business Consortium (EABC) signed a Memorandum of Understanding (MOU) in Dar es Salaam to foster youth entrepreneurship across Tanzania.
The agreement will focus on providing training to equip youth with essential business skills by sharing technological know-how to enhance innovation and assist young entrepreneurs in exploring opportunities across various sectors, including tourism, business, and creative industries.
The collaboration is expected to catalyze a new wave of entrepreneurial activity and innovation among Tanzanian youth, unlocking their potential to thrive in a dynamic and competitive economy.
This initiative aims to reach youth in all 26 Tanzania regions through TCCIA and envisions fostering youth entrepreneurship, creating jobs, and contributing to sustainable economic growth in Tanzania.
Speaking at the signing ceremony, the Chief Executive Officer of the East Africa Business Consortium, Imani Kajula, highlighted the strategic importance of the partnership in equipping Tanzanian youth with entrepreneurial skills and leveraging economic opportunities, particularly through the African Continental Free Trade Area (AfCFTA).
Kajula highlighted: “Tanzania is part of the African Free Trade Area, which offers vast opportunities for Tanzanian entrepreneurs. Through this collaboration, we will provide training, innovative approaches, and financial support to empower youth for self-employment. Our goal is to nurture a generation of young people ready to seize opportunities locally and internationally.”
On his part, the Chief Executive Officer of the Tanzania Chamber of Commerce, Industry, and Agriculture, Oscar Kissanga, emphasized that the partnership aligns with the TCCIA’s mission to promote trade and industrial growth in Tanzania through youth engagement.
Kissanga explained: “One of the core objectives of the Tanzania Chamber of Commerce, Industry, and Agriculture is to enhance trade and industrial development. Youth are a crucial demographic in achieving this goal. We are excited to collaborate with the East Africa Business Consortium, a forward-thinking organization dedicated to promoting entrepreneurship and innovation, to reach more young people with impactful programs.”
Tanzania Youth Entrepreneurship
A recent survey conducted by Aga Khan University highlights that approximately 50% of Tanzanian youth aspire to start their own businesses.
The survey also reveals that unemployment remains a pressing concern, with about 51% of youth identifying as unemployed.
This situation is more pronounced among urban women, where unemployment rates reach 58%.
The findings underscore a strong entrepreneurial spirit among the youth, who recognize the need to create jobs through self-employment and entrepreneurship as formal sector jobs become increasingly scarce.
The challenges faced by young entrepreneurs include limited access to capital and market-relevant education.
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