The Industrial Development Corporation has injected 684 million Kwacha into Nitrogen Chemicals of Zambia -NCZ- in Kafue.
IDC Chief Executive Officer Mateyo Kaluba says 638.4 million Kwacha is working capital support to produce fertiliser and 45.6 million Kwacha for the procurement of a fertiliser blending plant.
Mr. Kaluba says the injection will assist NCZ move to a self-sufficient status and effectively compete with the private sector in the supply of fertiliser and diversify its revenue.
He has expressed confidence that NCZ will in the next 3 to 4 years declare dividends.
Mr. Kaluba has also commended NCZ for reducing operating costs and recording a profit of 30.8 million Kwacha in 2020.
The IDC Chief Executive Officer said this when he visited NCZ in Kafue today.
And NCZ Board Chairperson Chitundu Kasase said the injection of the funds is an indication of confidence in the company.
Dr. Kasase said NCZ will ensure it responds to agriculture advancements in the sector and compete with the private sector.
That is only about $32 million…its a drop in the ocean for a company like NCZ…they will just used it up with bogus procurement of used machinery and corrupt tenders. Everyone knows that for NCZ to be self-sufficient it needs 7 times that amount. More taxpayers money down the drain.
Another election joke which comes every election year
No masking. No social distancing! Katwishi
Not something to cheer up any informed person. Wht’s NCZ’ s indebtedness? This is a drop in the ocean.
NCZ needed close to half billion dollars 15 years ago to attain self sufficiency status…today some clown is there dancing over 30 million dollars. These thieves are importing a tonne of fertiliser at 3 times the market price and eating the rise you seriously think they want NCZ to be up and running…really laughable.
THIS CHAP IS JUST THROWING FIGURES AROUND WILDLY
ANOTHER PF ELECTION PLOY ??? JUST ASKING
How gullible, how stupid do the PF think Zambians are? Two weeks ago, they opened Mulungushi Textiles, granted mining permits in the lower Zambezi National park and now Nitrogen Chemicals is open again?
How gullible do the PF think we are?
This is the same story as Kabwe’s Mulungushi Textiles.
The people of Kafue and Kabwe are caught between a rock and a hard place. IDC doesn’t have that kind of money. This is a smoke screen.
See the same story again 5 years from now. Pumping in money!
The IDC is just an arm of the Zambian government. And the Zambian government doesn’t have any money, because all the money has been given to those godforsaken criminal PF cadres, and as “empowerment” to chiefs all over the place. So this is a commitment that is NOT going to be kept, typical PF government behaviour: PF, lying about everything, not delivering anything!
The rust in the background tells you the real state of affairs.
Well done, NCZ. Testimony that we can run these companies ourselves. Vote wisely, vote for your children’s future.
Zambian Citizen – are you not the one who believed that Ambulances cost a whooping $280,000? Really laughable
Marco polo tiles got $48m, NCZ $28m?
This is a hoax to fool people. NCZ machinery and equipment are obsolete. They’re costly to be run.
Tarino-why would I believe someone like you who can’t prove anything??
THIS IS PURE CAMPAIGN! JUST LIKE THE CASE OF MULUNGUSHI TEXTILE IN KABWE. ONCE THEY ARE ELECTED THEY PRIORITIZE THE BUYING OF FIRE TENDERS, CROWD CONTROL POLICE VEHICLES AND OTHER NON-ESSENTIALS. I URGE FELLOW VOTERS TO CHOOSE WISELY.
We have two seasonal companies in Zambia that only opens during election year, ie NCZ and Mulungushi Textiles but they fail then close by early months of the following year. Story izibika
Ku buta mwandini!
Zambian Citizen – What’s there to prove when reports about NCZ retooling costs are in the public domain? I mean this amount is not even enough to pay ZESCO bills …wake up!!