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Oil on Lake Nyasa was discovered since 1980's

Discussion in 'Biashara, Uchumi na Ujasiriamali' started by Njowepo, Oct 16, 2012.

  1. Njowepo

    Njowepo JF-Expert Member

    Oct 16, 2012
    Joined: Feb 26, 2008
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    Oil was discovered long time ago in the 1980s but the then President Hastings Kamuzu Banda of Malawi refused exploration and drilling of oil on the lake to protect this national treasure. Not to mention that over 30% of people directly rely on the lake and it is its waters that run the main Hydro Power plants in this land locked country. In an effort to protect one of the largest and most bio-diverse freshwater lakes in the world, on June 10, 2011 the Government of Mozambique officially declared Lake Malawi a reserve. However, despite efforts by his predecessors and neighbouring countries, 3-4 years ago the then President late Bingu wa Mutharika allowed the exploration of oil on the lake. He went ahead giving a British company licence to explore the lake for oil and consequent drilling of oil on the lake. The current president Joyce Banda has been silent on the issue but it is certain that the drilling of oil on the lake will go ahead because she was part of the government of Mutharika that started the process in her capacity as a Foreign Minister.