New deal seeks to unlock seaweed farming potential

11Mar 2024
The Guardian Reporter
ZANZIBAR
News
The Guardian
New deal seeks to unlock seaweed farming potential

NMB Bank has signed a Memorandum of Understanding (MoU) with state-owned Zanzibar Seaweed Company (ZASCO) that seeks to unlock the potential of seaweed farming in Zanzibar.

NMB chief of retail banking Filbert Mponzi

Speaking during the signing ceremony held at the bank’s head office in Dar es Salaam at the weekend, NMB chief of retail banking Filbert Mponzi said the move aligns with the bank’s ambitious strategy of supporting sustainable economic development in Zanzibar.

 

Mponzi said the bank has been at the forefront of supporting Zanzibar’s blue economy agenda, adding that the signed MoU with ZASCO won’t only help in value addition but also increase the isles’ foreign exchange earnings.

 

“Our biggest role will be to increase the efficiency of smallholder seaweed farmers in Zanzibar by providing tailor-made banking products, financial literacy as well as technical training right at the grassroots level,” he said.

 

Earlier, ZASCO director general Dr Masoud Rashid Mohammed said that the MoU came at an opportune time as the company was embarking on its strategy to boost value addition in seaweed farming.

 

“We believe this MoU will be a game-changer. We will do everything possible to implement all the terms stipulated on time,” he said.

 

Mohamed said his company has already commenced construction of seaweed processing plant worth 8bn/- in Zanzibar that will ensure that all the seaweed is processed before export so as to enable farmers to fetch better prices at the world market.

 

“This will be the biggest seaweed processing plant not only in Tanzania but Africa as a whole. Indeed this MoU has come at the right time because production capacity is still very low,” he said.

 

Zanzibar Trade and Industrial Development Minister Omar Said Shabani expressed optimism that seaweed is poised to overtake cloves as Zanzibar’s biggest foreign exchange earner within a few years to come.

 

“The price of seaweed is higher than that of cloves at the world market. With ample investment especially in seaweed value addition, Zanzibar will be in a position to earn more foreign currencies,” he said.

 

Shabani said Zanzibar produces 23,000 tonnes of seaweed per annum with 90 percent of the growers being women.

 

 

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