The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has again assured genuine investors of cooperation and support towards self-sufficiency in
local production of essential goods and the economic diversification drive.
Mr. Emefiele who made this known while speaking during the facility tour of the newly completed Sunti Golden Sugar factory in Sunti, Niger State at the weekend noted that the Bank has invested about N26 billion in the project of such magnitude in order to encourage import substitution and backward integration strategy.
According to the CBN Governor, such investments are geared towards self-sufficiency, generate employment and creation of wealth.
He therefore urged small holder sugar cane farmers in the area to leverage on the presence of the factory to boost production, as the company would now buy all their produce.
Speaking earlier, the Chairman of the Flour Mill of Nigeria Group, owners of Sunti Golden Sugar Company, Mr. John Coumantaros, profoundly expressed appreciation for the uncommon support, which the CBN has been giving to the company without which the project wouldn’t have been completed on schedule.
The chairman noted that the N45 billion sugar-refining project is expected to create over 15,000 jobs including 3,500 direct jobs, 3,000 small scale out-grower farmers and save over $50 million in foreign exchange for the country annually.
Mr. Coumantaros further stated that Nigeria presently produces 1.7 million metric tons of raw sugar which is just 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 local sugar needs.
As such, the planned one hundred thousand metric tons of raw sugar to be produced by Sunti Golden Sugar Company would 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 fertilizer from the sugar cane residue.
In his remarks on the event, the Niger State Governor, Alhaji Abubakar Sani Bello commended the management of the CBN for providing the much needed fund for the projects and the Nigeria Flour Mills for working hard to fulfill its obligations to the host community by providing access roads, boreholes, electricity and health facility in addition to the engagement of over 800 construction workers mostly from the host communities. He urged the company to train the staff to be skilled for future expansion.
He promised to work assiduously to make Niger State contribute towards making Nigeria self-sufficient in food production and become an exporting nation.
The Group Managing Director, Flour Mills PLC, Paul Gbedebo gave an assurance that farmers in Niger State, in particular, would no longer encounter the problem of searching for markets for their produce as the company would buy off everything, going forward.
Traditional rulers led by the District Head of Muregi Alhaji Ibrahim Yahaya Muregi who represented the Etsu Nupe, Special Adviser to the CBN Governor on Development Finance, Mr. Paul Eluhaiwe, Director, Development Finance, Dr. Mudashiru Olaitan and Niger State Commissioners witnessed the historic event.
The project is expected to be inaugurated in May 2016 by President Muhammadu Buhari.