Investment promotionin Tanzania: an examination of the legal and institutional framework.

Abstract

Foreign Direct Investment in Africa: The wave of political independence in Africa during the 1960s ushered in a strong desire among leaders to assert economic sovereignty. While colonial economies were open to foreign investments, these investments were primarily beneficial to colonial powers, fostering a deep scepticism of foreign post-independence dominance. Leaders like Julius Nyerere championed self-reliance through policies such as Ujamaa, emphasising socialism, nationalisation, and local empowerment. This cautious approach to FDI prioritised state-led development over external capital, reflecting dismay at neo-colonialism. Whereas these restrictive policies reinforced political independence, they delayed Africa's integration into global markets, contributing to the economic quagmire in subsequent decades.