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The initial quantity of D Compound fertilizer to be procured for FISP was 70,726.7 metric tonnes from Nitrogen Chemicals of Zambia (NCZ). This quantity did not include quantities for the ten (10) districts that were initially planned to pilot the Electronic Voucher System. In view of this, NCZ was later awarded a contract to produce and supply an extra 25,599.40 metric tonnes D-Compound fertilizer in order to cater for the initially left out districts. I am happy to report that as of 16th January 2014 NCZ had produced and delivered across the country a total of 96,328.62 metric tonnes of D-Compound representing 100% of the contracted quantity. This goes to confirm that our Government’s decision to revive or recapitalize NCZ was CORRECT and of enormous benefit to the Zambian people.
And as of 19th January 2014, our Government had distributed 63% of Urea fertilizer to farmers in various part of the country. I wish to acknowledge that the distribution of imported fertilizers to farmers for the 2013/2014 farming season has had some logistical challenges resulting in delays to distribute to the districts and some damages. However, we will ensure that the remaining farmers receive their fertilizer as a matter of urgency. For 2014, our focus will be to continue the recapitalization of the NCZ and investing in the crop diversification programme as well as to restructure FISP with the aim of providing inputs to our small scale farmers on time and better targeting. MCS- 23/01/14
I thought I should share with you some huge strides we are making in our effort to industrialize the country, create wealth and jobs as well as prosperity for our people.
I wish to announce that the Industrial Development Corporation, (IDC) which has just been incorporated under the Companies Act is a 100% government owned corporation which will be the holding company of all state owned enterprises that are incorporated under the Companies Act or the Banking and Financial Services Act. Its initial authorized capital is K20 million of which K10 million is already paid up using funds from the Privatisation Revenue Account as sanctioned by Section 39 Subsection (2) (J) of the Privatisation Act, Cap 386 of the Laws of Zambia.
To this effect, I will soon be appointing the Board Members of the IDC. I have also directed that a Sovereign Fund, which will initially be supported by the IDC after Parliament passes a statute to give effect to the Sovereign Fund be constituted with due dispatch.
I have further guided that 75% of the dividends from the IDC itself and its subsidiaries be paid into the Sovereign Fund. Some of the balances of the Privatisation Revenue Account which are substantial will provide the initial capital stock of the Sovereign Fund.
I feel that the negative culture of a hand to mouth existence is injurious and inimical to the long term interests of our nation. It’s my strong belief that there is need to safeguard and secure the interests of our future generations.
I want to maintain that the Sovereign Fund will and should be an inescapable duty and obligation of a responsible nation. The Sovereign Fund constitutes our positive legacy to posterity. With this among other measures, I can assure you that our country is headed for unprecedented economic prosperity. MCS – 23/01/14
