THE National Social Security Fund (NSSF) has issued a 8.99 billion shillings loan to the Cereals and other Produce Board of Tanzania for purchasing of maize and rice milling machines to revive the board’s factory in Mwanza which stopped production in early 1990s.
“My request also goes to Mwanza leaders as they should know that the efficiency of this factory depends largely on the availability of raw materials, so it is their responsibility to ensure that the rate of raw material productions balances with that of the factory’s production,’’ she insisted.
She commended the NSSF for investing in industrial sector within a short period of time. For nearly a year ago, NSSF has invested in various industries in the country including the Biolarvicide Limited Plant located in Kibaha, Coast region.
“The NSSF investment is also seen in Dodoma region where the fund has invested a total 3.7bn/- for an ultra modern factory for maize milling and oil which will employ 250 workers, Mkulazi sugar Factory in Morogoro, Maswa Chalk and General Enterprises located in Simiyu region … keep it up,” she commended.
Speaking during the occasion, the Minister of Agriculture, Livestock and Fisheries, Dr Charles Tizeba assured the minister that apart from properly overseeing the Board, his ministry is committed to ensuring that all agricultural projects that involve fund from the country’s social security funds are efficiently and effectively managed.
“Understanding that the efficiency of these industries depends largely on agriculture, there are plans and strategies to ensure that the value chain involved in the whole process from raw material production to industrial production is well protected,” he promised.
He mentioned some of the plans and strategies that include the coming of the special project to prepare the best seeds which is implemented under the Bill Gates Foundation. He admitted that currently the country is facing the shortage of optimal seeds as it produces only 35 per cent of the seedlings.
Speaking during the occasion, the NSSF Director General, Prof. Godius Kahyarara, said the fund aims at stimulating the growth of various economic and social activities that would result into job creation, income generation and hence to increase the standard of living of many Tanzanians and ultimately increase the fund’s members.
“This loan will lead to a revival of the mentioned factory that will generate more than 340 direct jobs and over 23,000 indirect ones. This will stimulate Tanzania’s economic growth and of course we expect to get new NSSF members,” he noted.
Prof. Kahyarara stressed that the investment is being carried out in accordance with the Fund’s Investment Policy and Investment Guidelines for Social Security Schemes provided by the Bank of Tanzania (BoT) in collaboration with the Social Security Regulatory Authority (SSRA)