twitter RSS Feed linkedin acp contact

Zimbabwe earns more than US$1bn profit from tobacco

Zimbabwe earned more than US$1.2bn from its tobacco industry this year, tobacco industry and marketing board director Dr Andrew Matibiri has revealed

Tobacco plant kai4107Zimbabwe's tobacco industry has made profits of more than US$1.2bn this year. (Image source: kai4107)

Dr Matibiri, speaking at the recent TIMB stand at the Harare Agricultural show, said he was happy with tobacco sales as the season draws to an end.

“At the moment, the Zimbabwe tobacco industry has generated US$1.2bn into our economy,” he said.

According to Matibiri an estimated US$610mn of funds was issued to Zimbabwean tobacco farmers, while the other half of the profits came from exports.

At the event he also explained to farmers and stakeholders that TIMB would take a zero tolerance approach to side marketing in the next selling season.

"Whenever insurance companies are seen to be causing discomfort to farmers and other players in the industry, we do not hesitate to stop their activities and operations," he added.


LATEST NEWS IN Agriculture

African Development Fund approves US$6.4mn grant to increase financial access for agricultural value chain entrepreneurs

African Development Fund approves US$6.4…

The Board of Directors of the African Development Fund, the African Development Bank Group’s (AfDB’s) concessional lending window, has approved a grant US$6.4mn to Gambia to implement the Incentive-Based Risk-Sharing...

Esri partners with Microsoft to support sustainable agriculture development in Africa

Esri partners with Microsoft to support …

To help support government and non-profit organisations on the continent address climate change, water supply and food security challenges, Esri, the global leader in location intelligence, has collaborated with Microsoft...

USAID and NASA renew partnership to address development and humanitarian challenges

USAID and NASA renew partnership to addr…

On 4 November, Administrator Samantha Power signed a Memorandum of Understanding (MoU) between the U.S. Agency for International Development (USAID) and the National Aeronautics and Space Administration (NASA) to renew...

Norway promises top-up contribution of urgently needed climate finance

Norway promises top-up contribution of u…

On 9 November 2022, Norway, as part of a commitment to triple its support to climate adaptation by 2026, has pledged an additional US$9.5mn contribution of urgently needed climate finance...

CotonChad and IDH sign partnership with Better Cotton

CotonChad and IDH sign partnership with …

Better Cotton recently signed a multi-stakeholder Letter of Intent to participate in the landscape approach, developed with local stakeholders in Chad in conjunction with IDH, intending to work towards improving...

NFU president Minette Batters appointed as ambassador of Farm Africa

NFU president Minette Batters appointed …

Farm Africa, a charity that promotes sustainable agricultural practices, strengthens markets and protects the environment in rural eastern Africa, has announced the appointment of NFU president Minette Batters as an...

Prev Next

OTHER RELATED ARTICLES - Agriculture

Ghanaian region to collaborate with USA for better farming methods

Ghanaian region to collaborate with USA …

Ghana’s Volta region and USA’s Delta region will partner to roll out a number of development projects to support farmers in both places

Improving farming and food production in Africa

Improving farming and food production in…

Bühler is committed to overcoming inefficiencies, particularly in African value chains - this was the message given at the company’s Annual Results event, held in Uzwil, Switzerland

On-farm trials show that SOURCE by Sound Agriculture can increase yield

On-farm trials show that SOURCE by Sound…

On-farm trials have shown that SOURCE by Sound Agriculture can increase yield and reduce nitrogen needs

Tobacco-free farms launched in Kenya

Tobacco-free farms launched in Kenya

Hundreds of farmers in Migori County, Kenya will break free from risky tobacco farming and transition to producing more sustainable crops, through the Tobacco-Free Farms Project

UK to fund five innovative businesses in Kenya

UK to fund five innovative businesses in…

The UK has launched the second round of a business innovation challenge fund that will see an additional five promising businesses receive grant funding and technical assistance of up to...

New drought-tolerant maize variety developed in Kenya

New drought-tolerant maize variety devel…

The African Agriculture Technology Foundation (AATF), in collaboration with Crop Africa Seeds, has developed a drought tolerant maize variety for Kenyan farmers

African agri ventures part of US$13mn global fund

African agri ventures part of US$13mn gl…

Thirteen ventures, including the ones in Africa, are the recipients of around US$13mn in funding from the Powering Agriculture: An Energy Grand Challenge for Development (PAEGC) programme

Aleph Farms embraces sustainable strategy to eliminate emission

Aleph Farms embraces sustainable strateg…

Israel's Aleph Farms Ltd has announced a sustainability strategy to eliminate emissions associated with its meat production by 2025 and reach the same net-zero emissions across its entire supply chain...

CRAFT investment to boost climate-smart agriculture in Africa

CRAFT investment to boost climate-smart …

Climate Resilient Agribusiness for Tomorrow (CRAFT) has invested US$2.16mn in a five-year multi-country project for Tanzania, Kenya and Uganda

Lesotho, IFAD partner to improve livelihoods of most vulnerable small-scale farmers

Lesotho, IFAD partner to improve livelih…

The United Nations International Fund for Agricultural Development (IFAD) has announced US$62mn in funding to boost food security and nutrition, mitigate the impact of climate change and strengthen livelihoods for...

African leaders face pressure to take food security action

African leaders face pressure to take fo…

Regional leaders will look at the challenges being created by the growing food crisis affecting countries across Africa at the upcoming African Green Revolution Forum (AGRF)

AfDB helps transform agricultural production methods in Madagascar

AfDB helps transform agricultural produc…

The initiatives by African Development Bank (AfDB) to transform agricultural production methods is getting popular in the region

Prev Next