CBN injects N26bn in new sugar refinery
Godwin Emefiele, Governor of the Central Bank of Nigeria, (CBN) has assured genuine investors of cooperation and support toward self-sufficiency in local production of essential goods and the economic diversification drive.
The assurance is contained in a statement made available to journalists last weekend by Isaac Okorafor, acting director, corporate communications, CBN.
According to the statement, Emefiele said this during the facility tour of the newly completed Sunti Golden Sugar factory in Sunti, Niger.
“The bank invested about N26 billion in the project in order to encourage import substitution and backward integration strategy.
“Such investments are geared toward self-sufficiency, generate employment and create wealth,” the CBN governor said.
He urged small-scale sugarcane farmers in the area to leverage the presence of the Sunti Golden Sugar factory to boost production, as the company would now buy all their produce.
The Chairman of the Flour Mill of Nigeria Group, owners of Sunti Golden Sugar Company, John Coumantaros, expressed appreciation for the uncommon support, which the CBN gave the company that led to the scheduled completion of the project.
Coumantaros said the N45 billion sugar-refining projects was expected to create over 15,000 jobs, including 3,500 direct jobs and 3,000 small-scale out-grower farmers.
The sugar company, he said will save over $50 million in foreign exchange for the country annually.
“Nigeria presently produces 1.7 million tonnes of raw sugar which is about two percent of her needs, while countries like Benin Republic, Senegal and Mali currently produce 26 percent, 48 percent and 28 percent of their needs respectively.
“As such, the planned 100,000 tonnes of raw sugar to be produced by Sunti Golden Sugar Company will augment the supply gap, create jobs and save foreign exchange for the country.
“This is in addition to generation of 10 megawatts of electricity, animal feeds and fertiliser from the sugarcane residue,” he added.
The Niger Governor, Alhaji Abubakar Bello, in his remarks, commended the management of the CBN for providing the much-needed fund for the projects and urged Nigeria Flour Mills to fulfil its obligations to the host community by providing access roads, boreholes, electricity and health facility.