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Natasha Chamba, Business Reporter 

THE Oil Expressers’ Association of Zimbabwe (OEAZ) is seeking $210 million in the market to finance soya bean production in the 2019/2020 farming season in a bid to assist the country to cut the import bill.

United Refineries Limited chief executive officer and OEAZ president, Mr Busisa Moyo, appealed to the Reserve Bank of Zimbabwe (RBZ) and Government to chip in and assist in harnessing funds to support local farmers to produce soya bean.

He said increased production would cut the import bill by over $200 million.

“We are seeking $210 million to produce soya bean for 2019/ 2020 summer cropping season in a bid to reduce demand for forex. If we can divert 70 percent of our import requirements to localised production we can save more forex and harvest more soya bean,” said Mr Moyo.

“The remaining 30 percent we can import other essential components that are not crude oil. We have to start looking for money to get a head start for the next season.”

Despite support from the Central Bank, oil expressers have been operating at 30 percent capacity.

Hopes are high that if local soya production is increased, capacity utilisation in the subsector will go up.

Over the last two years Government has been spending an average of $20 million per month in the importation of soya for the manufacture of cooking oil, prompting the need to ramp up local soya bean growing to preserve the little foreign currency available.

Soya bean is a good source of protein for livestock feed and can also be used in the manufacture of cooking oil, soya chunks, margarine, soap, breakfast cereals and soya milk among others.

The country needs 300 000 tonnes of soya bean annually for food, feed and other industrial needs but local output averages 50 000 tonnes.

—@queentauruszw