ZAFFICO Eyes K1.8 Billion Revenue by 2029 Through Forestry Expansion

ZAMBIA Forestry and Forest Industries Corporation Plc has unveiled plans to grow annual revenue from K460 million in 2025 to K1.8 billion by 2029 as it seeks to become a fully integrated forestry and wood-processing company.

Speaking at the Rights Issue Bell-Ringing Ceremony in Lusaka yesterday, Managing Director Mundia Mundia said the growth would be driven by increased investment in plantation expansion, timber processing and manufacturing infrastructure.

He said the planned rights issue would help secure future timber supply and support the company’s long-term strategy despite short-term investment costs.

Board Chairperson Dr. Alvert Ng’andu said the expansion would reduce Zambia’s reliance on imported wood products. He noted the country currently spends about US$160 million annually on particle board imports.

Industrial Development Corporation Chief Executive Officer Cornwell Muleya said the investment aligns with government’s industrialisation agenda. Lusaka Securities Exchange CEO Nicholas Kabaso described the rights issue as a positive step for Zambia’s capital markets and economic growth.

(Mwebantu, Friday, 26th June, 2026)