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By Merit Ibe
Nigeria and Tanzania have taken steps to strengthen bilateral trade and investment relations as part of efforts to deepen intra-African economic cooperation and expand commercial opportunities between both countries.
The initiative, facilitated by the Lagos Chamber of Commerce and Industry (LCCI), aims to reposition economic relations between the two countries through structured private-sector collaboration and increased investment flows.
Speaking during a business forum held in Lagos, recently, President of LCCI, Leye Kupoluyi, said the current global economic environment, marked by supply chain realignments and increasing regionalisation of trade, presents an opportunity for African countries to strengthen intra-continental commerce.
According to him, Nigeria and Tanzania share a long history of political solidarity and cooperation, but diplomatic relations must now translate into measurable commercial outcomes.
Kupoluyi noted that both economies are undergoing key reforms that could create a strong foundation for private-sector partnerships.
Nigeria, he said, is implementing macroeconomic reforms including exchange rate adjustments, fiscal restructuring and subsidy rationalisation, while Tanzania is strengthening macroeconomic stability through disciplined monetary policy, infrastructure development and export diversification.
He identified agriculture and agro-processing, energy and infrastructure, manufacturing, tourism, and the digital economy as sectors with strong potential for bilateral collaboration.
According to him, opportunities exist for integrated value chains in commodities such as cocoa, cashew, cotton, rice and horticulture, as well as investments in renewable energy, gas-to-power projects and transmission infrastructure.
Also speaking, the High Commissioner of the United Republic of Tanzania to Nigeria, Selestine Gervas Kakele, described the LCCI as a strong pillar of Nigeria’s private sector and a key contributor to the economic development of Lagos State.
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He said the theme of the forum, “Accelerating Investment and Trade between Tanzania and Nigeria for Economic Development,” reflects the need to improve the level of trade between both countries, which he noted remains below its potential.
According to the Tanzania Investment and Special Economic Zones Authority, Nigeria has invested about $1.37 billion in Tanzania between 1997 and January 2025, creating over 2,200 jobs across sectors including agriculture, infrastructure, manufacturing, transport, finance and tourism.
Kakele said Tanzania has maintained strong economic performance over the past decade, with average real GDP growth of about six per cent between 2014 and 2024, peaking at seven per cent in 2019 before slowing to 4.8 per cent in 2020 due to the COVID-19 pandemic.
Growth in the country has been driven largely by agriculture, tourism, financial services, trade, construction and mining, with projections indicating continued expansion supported by manufacturing, tourism, trade and investment.
Director-General of LCCI, Chinyere Almona, said the engagement represents more than a diplomatic exchange, describing it as a strategic platform to deepen commercial partnerships and promote investment opportunities between businesses in both countries.
She noted that global geopolitical tensions and trade disruptions have exposed vulnerabilities in international supply chains, reinforcing the need for stronger trade within Africa.
Almona said both Nigeria and Tanzania offer complementary economic strengths. While Nigeria provides a large consumer market and diversified economy, Tanzania offers a stable and reform-driven investment environment with strategic access to East African markets.
She added that despite the strong potential, trade between the two countries remains relatively modest, highlighting the need to expand commercial engagement and explore emerging opportunities under the African Continental Free Trade Area.
According to her, sectors such as agriculture, manufacturing, energy, tourism and technology present significant opportunities for partnerships between Nigerian and Tanzanian businesses.
Almona stressed that collaboration between institutions like LCCI and the Tanzania Investment and Special Economic Zones Authority will help facilitate investment missions, sector-specific forums and business-to-business engagements aimed at translating policy commitments into tangible economic outcomes.
She added that deeper cooperation between the two countries aligns with the broader vision of building a more integrated African economy driven by regional investment, industrial development and cross-border partnerships.
