CBN pledges support for establishment of sugar firm in Jigawa

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, said the apex bank, is ready to partner with the Le Group and Jigawa state government to ensure the establishment of a multi-billion Naira white refined sugar factory that will generate N60 billion annually in Jigawa State and also conserve huge foreign exchange being spent in importing sugar into the country.

He, however, lamented  that Nigeria spent over $100 million annually for  importation of sugar which could be manufactured in the country.

Emefiele, who spoke during the foundation laying ceremony of 12, 000 hectres of land in Garin Chiroma in Gagarawa Local Government Area of Jigawa state, however, said sugar production was part of CBN’s core aspect of the anchor-borrower programme,

He commended the Lee Group for investing in sugar production in Nigeria, saying that, “by this initiative, you have helped in joining the Federal Government of Nigeria in ensuring that we achieve our goal of diversifying our economy from oil into a very important sector which is agriculture.”

His words, “Nigeria today, spends over $100 million importing sugar whereas we can grow sugar in Nigeria.”

“You (Lee Group) have touched the heart of Nigerians, you have touched the heart of the president, you have touched the heart of the Federal Government because through the clarion call of the president, you have answered that call and I can assure you that you will receive the needed support from the government.

“On our part as the Central Bank of Nigeria, I appeal to you to come over to us in the Central Bank, whatever support you need to get this project on ground, so that in the next couple of months we can come back and launch the programme, that support I assure you today, you will get from Central Bank of Nigeria.”

While  commending the Lee Group and Jigawa state government to have keyed into large-scale sugar production, he disclosed that CBN had concluded plans to support small farmers who were into sugar cane farming, “we will support not only Lee Group; we will also support other little farmers that are involved in sugar-cane planting so that as the farmers plant sugar-cane, the Lee Group will also buy them off the farmers.