Almot Maqolo, Staff Writer 
CFI Holdings (CFI) says local procurement of raw materials has significantly increased its productivity and helped it save its much-needed foreign currency after cutting down foreign-sourced supplies to less than 20 percent of total procurement.
In the aftermath of the Covid-19 pandemic, local businesses have been reluctant to procure raw materials from foreign suppliers owing to trade disruptions that have been compounded by the Russia-Ukraine conflict which threatened to dislodge existing global supply chains.
The diversified agro-focused conglomerate with retail, farming, milling, and property development operations has made strides in promoting local procurement in the just ended year.
“Less than 20 percent of the group’s annual business is conducted with foreign businesses with the bulk of its offshore business done to procure and maintain the supply of ammonium nitrate fertiliser, specialised plant spares and enterprise resource planning (ERP) system, all of which cannot easily be sourced locally,” the group said in its 2023 annual report.
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