Chakwera encourages Mzuzu business owners to benefit from NEEF

By Kondanani Chilimunthaka

President Lazarus Chakwera on Saturday 9th March 2024 told business operators in Mzuzu City to use the National Economic Empowerment Fund (NEEF) loans to boost their businesses in order to generate profit for them while helping in developing the country.

Speaking at Zigwagwa after visiting the Mzuzu main market and Zigwagwa market, Chakwera said the NEEF loans are beneficial to both individuals and the nation.

The President said this year, Malawi is expecting to harvest more maize, among others because of the agriculture loans that NEEF gave to some farmers and cooperatives across the country, urging business owners within Mzuzu City to benefit from the entity as well, so as to boost their businesses.

In his speech Chakwera was pleased that over 70 percent of those who got NEEF loans have managed to repay, urging those who have not yet repaid to do the same so that many Malawians do benefit from the same.

However, President Chakwera pleaded with those having loans but are failing to repay due to economic problems not the commit suicide but find the better ways of addressing the challenges facing them.

Chakwera then warned against those who are making huge profits at the expense of the citizenry through charging exorbitant prices that his administration will not condone the vice.

“I believe in a developmental state kind of philosophy where we cannot have 100 percent capitalism which enriches few individuals leaving millions of our people in acute poverty regardless of Malawi being a free-market economy nation.

Business has to make profit for its sustainability, but no way can a business for instance, be making 3000 percent at the expense of our people. Government should have the opportunity to interfere in matters that can fairly help and protect its citizens from exploitation. Our country can only develop when everyone is developing” Said President Chakwera.

Additionally, President Chakwera said Malawi needs better infrastructure for tourism, value additions to its products for forex earning, and roads network to reduce congestion in cities including Mzuzu.

Further, Chakwera assured the people that the country’s economy has started to stabilize, describing it as a sign that in the near future Malawians will start to have money in their pockets for their own household development.

The President has since promised to construct new market structures in Mzuzu City.

Speaking earlier, Local Government, Unity, and Culture Minister, Richard Chamwendo Banda concurred with Mzuzu City Member of Parliament, Bennex Mwamlima in commending President Chakwera for taking time to appreciate what business owners within Mzuzu City are facing while operating their businesses.

On their part, business operators through their leaders, Alexander Sikwese and Gerald Maulana presented their challenges to the President, which they say are hindering the success of their businesses, but they commended President Chakwera for becoming the first President in the history of Malawi to pay a visit to the markets.