NIEEB plans to support local businesses

NIEEB business

Africa Moyo - THENational Indigenisation and Economic Empowerment Board (NIEEB) has set in motion plans to assist indigenous business operators in reserved arrears with funding and training in business development.

In tandem with the Indigenisation and Economic Empowerment Act, Government set aside a number of sectors such as retail, primary production of food crops, wholesaling, barber shops and salons, grain milling and transportation services, among others, as reserved for locals.

In a statement Sunday, NIEEB said companies that operate their businesses according to ethical and good practices defined within the National Indigenisation and Economic Empowerment Charter, stand to benefit from the funds and other opportunities.

Some of the acceptable operational practice include good labour practices (subscribing to the National Social Security Authority), paying taxes, banking their proceeds, and fair and non-exploitative pricing practices.

Companies that pay taxes and comply with NSSA contributions, contribute to economic development, hence the need to support them.

“As such, NIEEB is inviting you to apply for an opportunity to benefit from available economic empowerment facilities, including financing and training in business development, entrepreneurship, legal and ethical business practices,” said NIEEB.

NIEEB was established through an Act of Parliament – Indigenisation and Economic Empowerment Act [Chapter 14.33] in 2008, to spearhead the process of transforming the peripheral role of indigenous majority in the economy to a leading role in the mainstream economy together with the attendant benefits of improving their standards of living.

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