Mokwa (Niger) – The Central Bank of Nigeria (CNB) has said that it would empower investors who love Nigeria and were ready to develop it.
The bank said it would do this by providing funds, including foreign exchange for such Nigerians to import plants and other equipment for backward integration programme.
Governor of the apex bank, Mr Godwin Emefiele, made this known on Saturday Mokwa, Niger, when he inspected Sunti Golden Sugar Estate Factory Project.
He announced that CBN was ready to partner investors for the development of the country.
“CBN is ready to give support in terms of Naira funding and foreign currency funding for investors and industrialists who are committed toward the economic growth and development of this country.
“We will give them support as long as they have at the back of their minds and heart to create jobs for our teaming population.’’
Emefiele said that CBN provided Sunti Golden Sugar Company with about N26 billion through intervention fund at a single digit interest rate of seven per cent.
“This project marks the success story of the President’s focus and his aggressiveness toward ensuring that we diversify our country away from oil into a non-oil area.
“Nigeria is working. It may look a little painful but at this time when there is scarcity of foreign exchange, these are the kinds of project we will continue to give support to.
“What is raw material, sugar cane; what does it take to produce sugar cane, the land and irrigation.
“You don’t need to import raw materials, the only thing you need is to plant and the equipment will be acquired,” he said.
He said that the country was faced with the challenge of producing only two per cent of sugar needed by the country and importing 98 per cent.
“I don’t see this as a problem but as opportunity to grow our economy and grow sugar for the teaming population of this country.’’
The governor commended the government and people of Niger for providing the enabling environment for industries that were ready to take the state to greater heights.
He urged farmers to take the opportunity of CBN’s “Anchor Borrower Programme’’ to access the Micro and Small Scale loan.
“It is time to go back to land and the basis that will create jobs for about 25,000 people.
“The CBN Anchor Borrower programme for rice will also create about 70,000 to 100,000 jobs.
“That is how to grow the economy, the state, the country and to bring dividends of democracy to the people.
The governor of the state, Sani Bello, who commended the Sunti Sugar Company toward the backward integration initiatives, said that the state government would continue to partner investors willing to develop the state.
“I implore you to work with the community and embark on training programmes for our communities in order to build their skills to find gainful employment,” he said.
Bello also commended the company for implementing various corporate social responsibility programmes by embarking on various projects around the state.
According to the governor, the projects include a clinic, class rooms, boreholes, electrification and roads.
He urged the company to continue to contribute its quota with programmes that would improve the standard of living of the people of the state.
“We as state government pledge our support for Sunti as partners in progress.
‘’We will support you in every way in achieving your target.
“We hope to see you expand your operations with farmers to grow sugar cane that will form the nuclear of agriculture potential in the state.”
Meanwhile, Chairman of Flour Mills of Nigeria, Mr John Coumantaros, said Sunti Gold Sugar Estate ‘’is a subsidiary of FMN of a backward integration programme with 17, 000 hectares of land to locally refine sugar’’.
According to him, it is a plantation for sugar mill development on River Niger, and the company has planted sugar cane on 2,000 hectares of land for its operation.
He said that the management of the company had installed the latest technology in cane milling and processing with an expandable capacity of 4,500 tons per day.
Coumantaros disclosed that about N36 billion had been invested in the company, adding that it would be producing 100,000 metric tons of sugar per annum.
He added that the company would generate 15,000 jobs, including 3,500 direct jobs and 3,000 small-scale out growers, adding that company would be inaugurated in May.
