As a business consultant in the petroleum (energy) industry, I have encountered a usual obstacle that stands in the way of many energy initiatives in Tanzania and East Africa. The most apparent being financing.
You discover that one has a sustainable and profitable energy project but don’t have access to sufficient capital for the successful development and operation of the project.
Moreover, since banks charges as much as 21 percent interest on loans, one invariably has to look abroad to find a way to raise capital.
And who wants to put money in the oil and gas (fossil) fuel projects in East Africa when industry critics tell us not to develop fossil fuels.
It’s funny to watch the proliferation of emotional activists who want the fossil fuel to end. Still, they enjoy comfortable lifestyles built on the foundation of oil and gas(fossil fuel), and they want fossil fuels to end, but they are not willing to give up their lifestyle.
We all know that massive oil and gas projects like the East African crude oil pipeline(EACOP) project can improve the lives of our people and empower them with jobs.
Furthermore, such oil and gas projects will reduce poverty in East Africa more effectively than contributions to the poor.
For East Africa to continue its progress in medicine, social responsibility, science, education, and general quality of life, it must ensure an increasing supply of abundant, reliable, and affordable energy. So the development of oil and gas(fossil projects) is crucial to fuel East Africa’s economic prosperity.
Since the Russian war in Ukraine, how many activists and industry critics have talked about the environment? The answer is pretty simple. None. They were just busy fighting to secure gas
and more fossil fuels to keep their bodies warm, and their economies were moving. But when it comes to African development, they want to save the world at our expenses
I firmly believe that no well-meaning East African leader will listen to take these kinds of activists seriously,
The people telling us not to develop fossil fuels are the same people flying around the world in Aeroplanes and living and enjoying economies powered by oil and gas(fossil fuels)
The solution is to address our development issues with the resources available to us, and we will join the rest of the world in dealing with climate change and global warming.
The fact is that African states working together have the capital and capacity to finance these projects if we can organize
ourselves band get together towards
developing our continent as a whole and one united front.
The Nigerian entrepreneur Aliko Dangote is working in conjunction with the Nigerian government and the world bank, building what could be the biggest refinery in the world. Some part of it is already up and running. Why can’t we do the same in East Africa?
