President of Zanzibar and Chairman of the Revolutionary Council, Dr. Hussein Mwinyi, has urged East African Community (EAC) member states to establish Petroleum Development Funds.
He said these funds would support research, innovation, training, and the overall growth of the oil and gas sector.
Speaking in Dar es Salaam on March 7, 2025, at the closing of the East African Petroleum Conference and Exhibition (EAPCE’25), Dr. Mwinyi emphasized the need for action.
"The East African Vision 2050 outlines the creation of a Petroleum Fund. Now is the time to implement it as stated in Article 114 of the EAC Treaty, which promotes resource management for the benefit of all," he said.
He noted that EAC countries have learned from the African Petroleum Producers Organization (APPO), which, in partnership with Afreximbank, plans to establish the African Energy Bank (AEB).
"This initiative will help address financing challenges in oil and gas projects, especially in the face of climate change," he explained.
Dr. Mwinyi also stressed the importance of using oil and natural gas resources to support other sectors. He pointed out that Tanzania’s oil sector has contributed significantly to electricity projects, particularly in rural areas.
He praised President Samia Suluhu Hassan for her dedication to national development, including progress in the oil and gas sector. "Under her leadership, key projects in this sector have continued to move forward," he said.
Dr. Mwinyi also commended EAC member states for organizing a successful conference. He acknowledged the contributions of the EAC Secretariat, the EAPCE 2025 National Committee, and the National Coordination Team.
Deputy Prime Minister and Minister of Energy, Dr. Doto Biteko, highlighted the conference's role in promoting discussions and knowledge sharing. "Experts presented ideas on ensuring affordable, reliable, and secure energy access," he said.
He added that the event attracted over 1,400 participants from 25 countries, showing the commitment of EAC nations to advancing energy security and sustainable development.