Yemisi Izuora
The Central Bank of Nigeria (CBN) has given a whopping N26bn support to increase sugar production in the country as part of measures to promote economic diversification.
The CBN Governor, Mr. Godwin Emefiele, during a facility tour of the new completed Sunti Golden Sugar factory located in Sunti, Niger State assured genuine investors of cooperation and support towards self-sufficiency in the production of essential goods locally.
The governor, expressed satisfaction with the progress made at the factory, noting that such investments would assist in generating employment and creating wealth for the people.
He, however, urged smallholder sugar cane farmers in the area to leverage the presence of the factory to boost production, as the company would now buy all their produce.
The Chairman, Flour Mill of Nigeria Group, owners of Sunti Golden Sugar Company, Mr. John Coumantaros, commended the apex bank for the support.
He noted that without the intervention of the CBN, the project would not have been completed at the scheduled time.
Coumantaros explained that the N45bn sugar refining project was expected to create over 15,000 jobs, including 3,500 direct jobs and 3,000 small scale out-grower farmers, and save over $50m in foreign exchange for the country annually.