ZANZIBAR: THE recently unveiled draft of Tanzania’s Development Vision (NDV) 2050 lays out an ambitious roadmap aimed at transforming the country into an Upper Middle-Income Country (UMIC) with a more inclusive and sustainable economy.
The vision outlines transformative strategies across key sectors to improve the living standards of all Tanzanians. The Vision 2025 draft was launched on Wednesday in Zanzibar by President Hussein Mwinyi.
According to the document, to achieve the goal of becoming an UMIC by 2050, Tanzania must maintain an annual economic growth rate of at least 10 per cent. This growth will depend on a diversified, inclusive and globally competitive economy, supported by a robust policy and regulatory framework.
The first pillar of NDV 2050 focuses on creating a strong, inclusive and competitive economy for achieving a strong and sustainable development. Other attributes are enhanced fiscal sustainability, innovative and diversified financing, enabling business environment and investment climate, efficient and strategic state-owned enterprises, vibrant private sector and strategic regional and global engagement.
Under innovative and diversified financing, its aspirations are full and effective use of the public private partnership (PPP) framework to foster socio-economic development and an efficient and effective financial market free from distortion, supported by facilitative regulations and practices.
The draft envisions a vibrant capital market characterised by enhanced transparency and access to reliable, high-quality information for all participants. This will provide a wide range of financing options, encouraging investment in diverse sectors.
Over the past two decades, Tanzania has enjoyed steady economic growth, averaging between 5 per cent and 6.7per cent annually. Despite macroeconomic stability marked by low inflation and a stable currency, the country has struggled to reduce poverty significantly.
The economy remains insufficiently diversified, with limited progress in boosting productivity and expanding exports. This has hindered job creation, foreign currency generation and resilience against economic shocks. Growth has been driven primarily by sectors with limited employment potential, leaving many, especially women, youth and people with disabilities, reliant on low-paid informal jobs.
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Urbanisation has further compounded the issue, shifting resources away from agriculture to low-productivity sectors, rather than fostering higher-value industries like manufacturing and services. Moreover, Tanzania has underutilised external trade opportunities and failed to fully integrate into regional and international value chains.
NDV 2050 underscores the importance of collective action from all stakeholders—government, private sector, civil society and the public to realise its ambitious goals. By focusing on both economic growth and the well-being of its citizens, the vision paves the way for a brighter, more prosperous future for Tanzania.
The document is currently in draft form and awaits finalisation and adoption. Once fully implemented, NDV 2050 will serve as a comprehensive blueprint for the country’s development, ensuring that no one is left behind.
