Mwanza’s GDP reached Sh7.7 trillion in 2014, from Sh4.9 trillion in 2013, Regional Commissioner Magesa Mulongo said here on Saturday. “This means that Mwanza is still only second from Dar es Salaam which has seen its GDP growing from Sh9.9 trillion to about Sh15 trillion during the two years under review,” Mr Mulongo told participants at a seminar that was organised by the National Microfinance Bank (NMB) here on Saturday.
Mwanza. A 57 per cent growth in the total value of all goods and services produced in the country in a year (Gross Domestic Product – GDP) helped Mwanza to retain its position as the second most important region in terms of economic strength in 2014, it has been learnt.
Mwanza’s GDP reached Sh7.7 trillion in 2014, from Sh4.9 trillion in 2013, Regional Commissioner Magesa Mulongo said here on Saturday. “This means that Mwanza is still only second from Dar es Salaam which has seen its GDP growing from Sh9.9 trillion to about Sh15 trillion during the two years under review,” Mr Mulongo told participants at a seminar that was organised by the National Microfinance Bank (NMB) here on Saturday.
NMB organised the event in commemoration of teachers in Mwanza.
Mwanza’s economy, according to Mr Mulongo, is dominated by the fishing sector which enjoys support from both local and foreign investors.
He urged NMB to simplify its loan requirements. This, he said, will increase the number of Mwanza residents who go for investment loans to spur the region’s economic growth endeavours.
He told the bank’s officials to expect a stiffer competition from the over 18 registered commercial banks who are also present in the region.
The NMB manager for the Lake Zone Mr Abraham Augustine, called upon the public to drop the tendency of believing that his bank is meant to serve public servants only, saying the financial institution was expanding its customer base by investing in technology in a number of ways.
