Rudevit Chairperson, Bofomo Nyirenda shows part of the plant
Rural Development Investiment Initiatives Trust (Rudevit) is a local fertilizer manufacturing company that was established in 2020 with a focus on rural development. It is owned by a group of Malawians who sat down in a meeting to discuss on the challenges that the country is facing and how they can overcome these challenges.
Rudevit Chairperson, Hastings Bofomo Nyirenda said the idea of the fertilizer manufacturing plant was hatched in 2020. Initially the capital they required was 390 million but with effects of devaluation the capital has moved to closer to K2 billion. NBM initially gave them 262 million to finance the procurement of machinery, but due to the devaluation of the kwacha they had a short fall and the FInES supported them with K129 million to buy the machinery.
“The FInES loan breathed life into an almost dying project that is set to transform the Malawi agriculture sector forever.” Nyirenda said
The Project engineer, Widson Honde said that the construction works are ongoing and are now at 50% completion. He indicated that by July all machines will have been installed and that by December they will start the production of the fertilizer.
Rudevit is a company owned by local Malawians with diverse skills and expertise to work together on different projects to address the economic challenges that Malawi is facing. The Chileka organic fertilizer plan is the first project, but they also have plans to implement other projects.
To ensure indigenous participation, Nyirenda said Malawians can join at a fee of K20 000 and buy shares in Rudevit Holdings plc at K7.00 per share for a minimum of 20 000 shares. He said the shares are open to individuals, family businesses, small and medium enterprises, savings groups and village banks, life insurance funds, commercial banks, Malawians in the diaspora, corporate institutions and Malawian development finance institutions.
NBM Development Bank Limited General Manager, Bernard Masi, says the bank finances projects in various sectors such as: agribusiness, health, energy, tourism, education, ICT, Structured Mining and start -up manufacturing.
“Rudevit will be a game changer in Malawi due to its massive import substitution potential,” Masi said.
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