The Central Bank of Nigeria, CBN, has invested about N25 billion under its agriculture intervention efforts in Sunti Golden Sugar, as part of its commitment to the development of the sector and its allied products.
The CBN Governor, Godwin Emefiele, who made this known at the inauguration of the Sunti Golden Sugar Estates, in Mokwa Local Government Area of Niger State at the weekend, reiterated the sector’s potential in supporting the growth of the country on a sustainable basis.
According to him, the huge amount was facilitated through a consortium of banks at a single digit interest rate repayable in a period of 10 years, urging individuals or companies eager to go into agricultural and agro-allied production to count on the support of the apex bank.
Mr. Emefiele expressed satisfaction on the level of work done by the company, stating that it is in tune with the present administration’s notion that Nigerians should produce what they eat and eat what they produce.
Earlier, President Muhammadu Buhari, at the inauguration, described the sugar factory project as timely at the period when the country makes giant strides out of recession and the economy continues to show considerable progress.
He said that one of the cardinal objectives of his administration was to look inward and focus on the country’s natural endowments, particularly the non-oil sector, for inclusive growth and development.
The Chairman of the Flour Mills of Nigeria, owners of the Sunti Golden Sugar Estates, John Coumantaros, described the sugar factory as a strategic investment designed to accelerate the production of sugar in Nigeria.
Mr. Coumantaros, who commended the CBN for helping to make the sugar estate a reality, said the era of Nigeria solely depending on crude oil for foreign exchange is over with the inauguration of the largest sugar factory, which is poised to overhaul the entire agricultural sector in the country.
At its peak, the Golden Sugar Estates will provide direct employment for about 10,000 people yearly and impact up to 50,000 others indirectly, including 3,000 small scale out-growers, who will be cultivating sugarcane to feed the mill.
