NMB Bank's Smart Beekeeping Drive: A Boon for BBT Initiative
In a significant stride towards sustainable commercial beekeeping, NMB Bank has launched a special program aimed at fostering the growth of this strategic sub-sector. The bank is set to distribute modern beehive gear, paving the way for a sustainable and lucrative beekeeping industry.
This initiative, a part of NMB's 6.2 billion Tanzanian Shilling corporate social investment and sustainability agenda, is designed to have a far-reaching impact on the national economy. With a focus on providing financial support and modern infrastructure, NMB is set to empower beekeepers and integrate apiculture into the BBT initiative.
Dr. Hassan Abbas, Permanent Secretary of the Ministry of Natural Resources and Tourism, highlighted the pivotal role of beekeeping in both biodiversity and the national economy. Speaking in Gairo District, Morogoro, he emphasized the significant, albeit overlooked, contribution of beekeeping and forests. The launch event saw the distribution of 200 sheds earmarked for beekeepers in Gairo and Kilombero districts, signaling the commencement of an eco-friendly honey production drive.
The first 500 beehives under this program will benefit regions including Morogoro, Tabora, and Njombe, marking the beginning of a comprehensive effort by NMB to uplift livelihoods and stimulate economic growth. The bank aims to support over 300 members across 17 targeted beekeepers' groups in these regions.
Dr. Abbas underlined the government's commitment to developing this sub-sector, citing a strategic action plan in the works. He also mentioned substantial investments, such as the allocation of over 2.0 billion Tanzanian Shillings for honey packaging materials plants and the establishment of a special fund disbursing 2.9 billion Tanzanian Shillings in the last five years to support beekeepers.
With more than two million people employed in beekeeping and forestry, contributing 3.5% to the national GDP and 5.9% to foreign exchange earnings, these sub-sectors play a crucial role in Tanzania's economy.
Mr. Alfred Shao, NMB's Chief of Wholesale Banking, explained that the smart beekeeping practices advocated by the program not only provide alternative income sources but also contribute to the protection of nature and climate change mitigation. As part of NMB's sustainability agenda, this program aligns with their commitment to environmental conservation, as demonstrated by their tree planting campaign launched earlier this year.
Furthermore, the initiative extends beyond material support, involving the provision of entrepreneurship and financial education through NMB Foundation in collaboration with Tanzania Forest Services Agency (TFS). Beekeepers will receive education on sustainable practices, fostering the production of high-quality honey for both local and external markets.
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