Minister Mubanga Monitors SME Performance in Nakonde
Minister of Small and Medium Enterprises, Honorable Elias Mubanga, recently undertook a visit to Nakonde District to assess the performance of Small and Medium Enterprises (SMEs) in the region.
During his visit, Minister Mubanga highlighted several key initiatives aimed at supporting entrepreneurship and boosting economic activity in the area.
One significant aspect addressed during the visit was the government’s optimism regarding the recent appreciation of the Kwacha. Minister Mubanga emphasized the potential benefits of this currency appreciation for small businesses, particularly those engaged in cross-border trade. This optimistic outlook reflects the government’s commitment to creating a conducive environment for SME growth and success.
Amidst concerns over varying rainfall patterns across the country, Minister Mubanga urged farmers in Muchinga, Northern, and Luapula Provinces to capitalize on favorable weather conditions and increase food production. This call to action underscores the government’s focus on enhancing food security and promoting agricultural development in key regions.
Furthermore, Minister Mubanga reiterated the government’s commitment to supporting agricultural activities in the aforementioned provinces. By providing necessary resources and assistance, the government aims to bolster farming endeavors and stimulate economic growth in rural communities.
In line with efforts to diversify agricultural production, SMEs in Nakonde were encouraged to explore opportunities in rice cultivation. Minister Mubanga assured entrepreneurs of the Ministry’s support, including access to equipment and machinery, to facilitate growth in this sector and promote value addition.
Additionally, the Ministry, through the Citizens Economic Empowerment Commission (CEEC), will continue to provide booster loans to eligible citizens. This initiative aims to empower entrepreneurs, spur business development, and drive economic empowerment at the grassroots level.
Minister Mubanga also emphasized the importance of monitoring how SMEs utilize funds from the Constituency Development Fund (CDF). This oversight ensures accountability and effective utilization of resources, ultimately contributing to the sustainable growth of SMEs and local economies.
Lastly, Minister Mubanga encouraged farmers to explore value addition opportunities by establishing processing plants such as milling plants. This move towards value addition not only enhances the economic value of crops but also creates employment opportunities and stimulates local economies.
