Monday, April 03, 2018 /08:15
AM / CBN
The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, says
the apex bank remains committed to development of agriculture and other allied
products in the country. Mr. Emefiele said this on Thursday, March 15, 2018, at
the inauguration of Sunti Golden Sugar Estates in Sunti, Mokwa Local Government
Area of Niger State.
The CBN Governor at the occasion
promised any individual or company who wants to go into agriculture or
agro-allied productions should count on the support of the Bank. He said CBN
invested over N25billion in Sunti Golden Sugar Estates through a consortium of
banks at a single digit interest rate, repayable for a period of 10years. Mr.
Emefiele expressed satisfaction with the level of work at the Estates saying it
was in tune with President Muhummadu Buhari's notion that Nigerians should
produce what they eat and eat what you produced.
Earlier, while inaugurating Sunti Golden Sugar Estates, President
Muhammadu Buhari said, the sugar factory project was timely, noting that, his
administration made great efforts to exit recession and was happy the economy
has continued to show considerable growth.
President Buhari said that one of
the cardinal objectives of his administration is to look inward and harness the
country's natural endowments, either in agriculture or other non-oil products
for inclusive growth and development. He noted that the level of work and
magnitude of investment that he witnessed was a clear demonstration of his
administration's policy on economic diversification that is attracting the
right kind of support and engagement.
Speaking at the event, the
Chairman of Flour Mills of Nigeria, owners of Sunti Golden Sugar Estates, Mr.
John Coumantaros, said the sugar factory is a strategic investment designed to
accelerate production of sugar in Nigeria. He added that the factory which is
set to save the country about $100million in foreign exchange annually was
aimed at making Nigeria self-sufficient in sugar production.
Mr. Coumantaros who commended the
CBN for the support to make the sugar estates a reality, said, the era of
Nigeria’s sole dependence on crude oil for foreign exchange is over with the
inauguration of the largest sugar factory in West Africa. He concluded that his
company is poised to overhaul the entire agriculture sector in Nigeria.
Sunti Golden Sugar Estates is located by the bank of River Niger on a
17,000 hectares of arable farm land with a capacity for 45,000 tons a day will
provide direct employment for about 10,000 people yearly, and positioned to impact
up to 50,000 others indirectly, including about 3,000 small-scale out-growers
who would be cultivating sugar cane to feed the mill.
The Estates when fully
operational is expected to produce 1million tons of sugar which translates to
100,000 metric tons of sugar annually.Related News
- Ethiopia to
export live animals to Egypt
- Fact File
on Crude Palm Oil (CPO) in Nigeria, Cote d’Ivoire and Ecowas
Price of 1kg of Yam Tuber Increased by 7.10% YoY in February 2018 - NBS
Response to Inaccurate Reports in the Media over Edible Oils Imports
- Food Prices
to Moderate Downward Inflation Trajectory
Rice Production Through Increased Mechanisation
AFEX leads discourse on Agric, Finance and Tech Convergence
Inaugurates Rice Processing Plant in Jigawa, Promises to End Rice
Importation in Nigeria