The rapid growth of oil and gas sector in the country and the better return that obtained from oil and gas investment have been inspiring the imagination of many local entrepreneurs to invest in the sector.
The best news is this, the government is willing to support local entrepreneurs invest in oil and gas sector.
“ I want you people to seriously work and consider national interest first. The government is ready to help Local investors invest more in different sectors including oil and gas and manufacturing” –said President Magufuli in the meeting with Local businessmen last week.
This indicates Tanzanians have currently no excuses to invest in the oil and gas sector as the government is ready to create enabling environment for business
However, there are important points to put into consideration while Tanzanians thinking to invest in oil and gas sector.
Understand the industry
“Never invest in business that you cannot understand“– Warren buffet
Investment in oil and gas sector should be done with proper knowledge.Oil and gas industry is quite different from other industries, the industry has many risks and reward is high as well. Considering fluctuation of crude oil price can instantly ruin your investment.
The complexity of the industry from upstream to downstream and the industry is full of many technical jargons which sometimes can make you hard to absorb. However with proper understanding of the oil and gas industry, you have great chance to run the business smoothly
Analyze the market
Identifying what is needed in the market and deliver products or services that are in dire demand, this can ensure you the good return on your investment. It’s better for interested Tanzanians to invest in the right market. Failure to properly analyze market for your oil and gas investment would result into frustration
If you are not ready to work hard and smart, investing in oil and gas sector is not a wise decision for you. I recommend you to shift into another business.No matter of what oil and gas business you are going to do, working hard is not an option is mandatory in the oil and gas industry
“Don’t think you will just make money. You have to be ready to work hard. If you come to our office at 9 pm you will still find our staff in the office”– David Ohana Managing director of Kenyan Oil Marketing Company
You will never make in oil and gas business unless you decide to work hard and smart
If you are interested is an immediate income, you would never make it overnight in the oil and gas industry. Do not expect to get an instant result in the oil investment.
For those who really interesting in oil and gas sector, they have no choice rather learning to be patient.
Oil and gas are long term investment, you may have a look at investment in oil and gas exploration and production it takes 10 years to enjoy the benefit of your investment. Is for this reasons we have minimal number of Tanzanians in the league of oil and gas business
There are number ways that Tanzanians can engage into oil and gas business, however, interested Tanzanians must be little careful when choosing the kind of oil and gas investment they interested in
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