Market News

Nyeri to inject Sh1.8bn into markets upgrade

kahiga

Nyeri Governor Mutahi Kahiga. PHOTO | JEFF ANGOTE

Nyeri County is betting on a Sh1.8 billion fund to raise volumes of trade in its markets.

Governor Mutahi Kahiga intends to inject the cash in two phases seeking to throw Nyeri markets a lifeline and boost trade.

“We will rehabilitate strategic markets at wards level, subsidise market operations in the county and make sure taxation regime remains affordable to spur trade among Nyeri and visiting traders,” he told the Business Daily.

The county also plans to issue farmers crops of value in plans to make agribusiness a driver of wealth creation.

Currently, the county is providing farmers with a million of Hass avocado variety, macadamia and tissue culture banana seedlings.

Agriculture is the second richest sector in the county after real estate.

Mr Kahiga said the trade growth engines in the county will be agriculture, Jua Kali sector and technology.

The county also plans to increase irrigation farming projects from the current 2,600 to 20,000 on 87 hectares to benefit 81,000 families and boost agricultural production.

Nyeri plans to rehabilitate markets in all wards to reduce accessibility to three kilometres.

The governor said the county would raise funds from local resources, the Treasury allocations as well as donors to implement the projects.

The county has enhanced the collection of revenues, raising Sh837 million in the 2018/19 financial year up from Sh643 million in 2016/17.

“Our target for the 2019/20 fiscal year is hitting a billion-plus as our net collection.

“To achieve that, we seek to motivate trading activities so that collections be in an atmosphere of enough profits to afford remittances,” said Mr Kahiga.