Business Briefs
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THE Central Bank of Nigeria, CBN, is cooperating and supporting genuine investors to diversify the economy and ensure self-sufficiency in local production of essential goods.
Godwin Emefiele, CBN governor, stated this when he toured the newly completed Sunti Golden Sugar factory in Sunti, Niger States. The bank invested about N26 billion in the project to encourage import substitution and backward integration strategy. Such investments are meant to engender self-sufficiency, generate employment and create wealth, a statement issued by Isaac Okorafor, acting director Corporate Communications, at the weekend stated.
Emefiele advised small scale sugarcane farmers in the area to leverage on the presence of the Sunti Golden Sugar factory to boost production, as the company would now buy all their produce.
John Coumantaros, chairman of the Flour Mill of Nigeria Group, owners of Sunti Golden Sugar Company, expressed appreciation for the uncommon support which the CBN gave the company.
According to him, CBN’s support led to the completion of the project on scheduled.
The N45 billion sugar-refining project will create more than 15,000 jobs, including 3,500 direct jobs and 3,000 small scale out-grower farmers. It will also save more than $50 million in foreign exchange for the country annually.
Presently, Nigeria produces 1.7 million tonnes of raw sugar which is about two per cent of her needs whereas countries like Benin Republic, Senegal and Mali currently produce 26 per cent, 48 per cent and 28 per cent of their needs.
The planned 100,000 tonnes of raw sugar to be produced by Sunti Golden Sugar Company will augment the supply gap in the country in addition to generating 10 megawatts of electricity, producing animal feeds and fertiliser from the residue of sugarcane
This is why Governor Abubakar Bello of Niger State commended the management of the CBN for providing the much-needed fund for the projects, urging the company, to fulfill its obligations to the host community by providing access roads, boreholes, electricity and health facilities.
The project will be inaugurated in May 2016 by President Muhammadu Buhari.
— Apr. 11, 2016 @ 8:00 GMT
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