EAST African countries have been advised to seek their funding for investing in development projects, including those in the oil and gas sector, rather than relying on aid from donors.

Altaf Hirani, the Chief Executive Officer of Mansoor Industries Limited, made the call at a press briefing in Dar es Salaam at the just-ended 11th East African Petroleum Conference and Exhibition (EAPCE’25).

Hirani emphasized that securing domestic financial resources for development projects would accelerate progress across the region.

He urged East African nations to tap into their resources and collaborate with institutions like the African Development Bank (AfDB) to fund critical infrastructure and energy projects, including those in the oil and gas industry.

“For all our projects, including infrastructure and those in the oil sector, we need to find our funds because we have the resources. I believe we can leverage those resources to secure funding and achieve rapid development,” Hirani said. “If we secure our funding, we will be able to make changes much more quickly and effectively.”

Hirani also pointed out that relying on external aid often slows down development efforts. He stressed that with adequate funding, East African nations could make significant strides in advancing their oil and gas sectors, providing energy and economic benefits to their populations.

“I am confident that by working with local institutions and governments, we can find the necessary funds to drive development forward,” he added. “This must be done quickly, with a strategic approach, and a commitment to seizing every available opportunity.”

Hirani praised the Tanzanian government’s strategic initiatives, noting that the country’s efforts to sell oil and gas exploration blocks were a step in the right direction. He expressed optimism that such initiatives would create a robust environment for investment, benefiting all Tanzanians.

“This is a great vision by the government, one that deserves recognition. It is vital that we work together and embrace the opportunities created by these large-scale development projects,” he said.