Dar es Salaam. Tanzania can become self-sufficient in food production if its youth properly participate in the agricultural sector and make use of their labour and expertise.
Speaking at the launch of the AYuTe Africa Tanzania Challenge in Dar es Salaam yesterday, the Country Director of Heifer Project International, Mr Mark Tsoxo, emphasised that Tanzania has a large youth population and that current agriculture requires labour and innovative use of technology and resources, which can yield significant results in the agricultural sector.
“Young people are not unwilling to participate in agriculture; they prioritise results over the means to achieve them. Therefore, we need innovation to attract young people to agriculture,” he said in a statement.
The AYuTe Tanzania Challenge was officially launched last year by Heifer International in collaboration with Sahara Ventures, aiming to assist innovative youth in agriculture with access to capital, training, and connections with major investors.
Mr Tsoxo stressed that modern agriculture requires technological advancements, and through the AYuTe challenge (short for Agriculture, Youth, Technology), they aim to empower young people to make the agriculture sector competitive and create jobs.
He also highlighted the fund’s commitment to environmental stewardship in its operations, emphasising its mission to eradicate hunger, reduce poverty, and protect the environment.
Speaking at the event, the CEO of Sahara Ventures, Mr Jumanne Mtambalike, stated that their collaboration with Heifer focuses on supporting Tanzanian youth engaged in innovative and technological agricultural activities to bring their innovations to market and generate employment opportunities.
Mr Mtambalike noted that over 65 percent of jobs in Africa come from the agricultural sector, which contributes 32 percent of the continent’s GDP.
“Therefore, in partnership with Heifer, we believe our work is crucial in uplifting youth and creating these opportunities,” he said.
Mr Emmanuel Senzighe, the Project Manager of AYuTe Challenge Tanzania, announced that this year’s competition winner will receive Sh28 million, the runner-up Sh21 million, and the third-place winner Sh14 million.
The AYuTe Challenge was launched last year by the minister for Livestock and Fisheries, Abdallah Ulega, who emphasised that technology could attract many young people to engage in agricultural activities such as farming and fishing.
Mr Ulega urged continued efforts to enhance the use of technology in agriculture as a means to encourage youth participation in the sector.
The initiative is designed to improve the agricultural landscape by providing support to small-scale farmers and promoting innovative ideas to enhance youth involvement in agriculture, recognising it as the largest employment sector in the country.
Share this news
This Year's Most Read News Stories
Villagers on Pemba Island lack clean sanitized water
Eight villages on Pemba Island have lacked clean and safe water service while complaining to the Zanzibar Water Authority for failing to solve the water problem in their villages.Continue Reading
Zanzibar airport operators decry job losses over Dubai deal
Tanzania air operators say over 600 workers are set to lose their jobs after the semi-autonomous government of Zanzibar awarded a Dubai-based company exclusive rights to handle ground services at a refurbished airport.
The Tanzania Air Operators Association (Taoa) said in a statement that the contract awarded to Dnata, which is registered at the London Stock Exchange, was in breach of the law banning any company from having exclusive rights to ground-handling services at major airports.Continue Reading
Britam half-year net profit hits Sh2bn on higher investment income
Insurer and financial services provider Britam posted a 22.5 percent jump in net earnings for the half-year ended June 2024, to Sh2 billion, buoyed by increased investment income.
The rise in half-year net profit from Sh1.64 billion posted in a similar period last year came on the back of net investment income rising 2.5 times to Sh13.27 billion from Sh5.3 billion.
“We are confident in the growth and performance trend that Britam has achieved, supported by its subsidiaries in Kenya and the region. Our business is expanding its revenue base while effectively managing costs,” Britam Chief Executive Officer Tom Gitogo said.
“Our customer-centric approach is fueling growth in our customer base and product uptake, particularly through micro-insurance, partnerships, and digital channels.”
The investment income growth was fueled by interest and dividend income rising 34 percent to Sh9.1 billion, which the insurer attributed to growth in revenue and the gains from the realignment of the group’s investment portfolio.
Britam also booked a Sh3.79 billion gain on financial assets at a fair value, compared with a Sh1.8 billion loss posted in a similar period last year.
The increased investment income helped offset the 12.7 percent decline in net insurance service result to Sh2.13 billion in the wake of claims paid out rising at a faster pace than that of premiums received.
Britam said insurance revenue, which is money from written premiums, increased to Sh17.8 billion from Sh16.6 billion, primarily driven by growth in the Kenya insurance business and regional general insurance businesses, which contributed 30 percent of the revenue.
The group has a presence in seven countries in Africa namely Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.
Britam’s insurance service expense hit Sh13.6 billion from Sh11.3 billion, while net insurance finance expenses rose 2.6 times to Sh12.3 billion during the same period.
“Net insurance finance expenses increased mainly due to growth in interest cost for the deposit administration business driven by better investment performance. This has also been impacted by a decline in the yield curve, which has led to an increase in the insurance contract liabilities. The increase has been offset by a matching increase in fair value gain on assets,” said Britam.
Britam’s growth in profit is in line with that of other Nairobi Securities Exchange-listed insurers, which have seen a rise in profits.
Jubilee Holdings net profit in the six months increased by 22.7 percent to Sh2.5 billion on increased income from insurance, helping the insurer maintain Sh2 per share interim dividend.
CIC Insurance Group posted a 0.64 percent rise in net profit to Sh709.99 million in the same period as net earnings of Liberty Kenya nearly tripled to Sh632 million from Sh213 million, while Sanlam Kenya emerged from a loss to post a Sh282.2 million net profit.
