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Tanzania: PM Urges NMB to Continue Bankrolling Oil and Gas Sectors

Lindi — LINDI: PRIME Minister Kassim Majaliwa has urged NMB Bank to continue lending to entrepreneurs and businesspersons involved in the oil and gas sectors in order to help them take advantage of more opportunities in the industry.

The PM gave this advice while touring the NMB pavilion before the official opening of the 7th Tanzania Editors Forum (TEF) in Lindi region on Monday.

“Accessing NMB loans will be a significant motivator for entrepreneurs in the oil and gas industry from Lindi and Mtwara regions to invest in these sectors,” he said.

He added: “I call on NMB to continue empowering entrepreneurs in the oil and gas sectors, especially those from Mtwara and Lindi regions, so that they can capitalize on the enormous potential and contribute to economic growth.”

The NMB Manager for the Southern Zone, Faraja Ng’ingo, stated that the bank has provided loans worth 842 billion Tanzanian shillings to small, medium, and large-scale entrepreneurs in the oil and gas sectors as of September this year.

He said the bank is well-positioned to support the oil and gas sectors due to its assets worth 11.2 trillion Tanzanian shillings and deposits of 8.2 trillion Tanzanian shillings. This has allowed the bank to increase the single borrower limit to 420 billion Tanzanian shillings.

“The thriving oil and gas sectors have prompted the bank to actively participate by providing loans to entrepreneurs, enabling them to contribute to the country’s economic growth,” he said.

He also mentioned that the bank offers asset financing to private sector players in the oil and gas sectors, including affordable loans for special equipment needed to expand their services.

“We encourage entrepreneurs and other stakeholders in the oil and gas sectors in the southern regions to take advantage of the opportunities offered by NMB to expand their businesses,” he noted.

He said NMB expects to receive feedback through the TEF that will be useful in supporting efforts to contribute to economic development.

“As one of the sponsors of the TEF annual meeting, NMB will discuss various opportunities in the oil and gas sectors, particularly in the Lindi and Mtwara regions,” he added.

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