Oredola Adeola
The Sunti Golden Sugar Company in Mokwa town of Niger state, which has been comatose for over two decades (20yrs) is about to commence full scale production having received a bailout fund from the Federal Government in April 2016.
The company which was one of the non-viable public enterprise, was liquidated and offered to the new investor by the Bureau of Public Enterprise (BPE) in 2006. Since then, efforts have been made by the new investor to put the company back on track.
However credit must be given to the administration of President Muhammadu Buhari for the moral boost offered to the company.
After evaluation of the potential of the agro-allied firm, the Central Bank of Nigeria (CBN) was directed to bail it out with N27 billion.
The return of the company, it would be recalled, was in line with the country’s hope of attaining self sufficiency in sugar production, with targeted domestic production of 1.7 million metric tons of the commodity by 2020.
This was based on National Sugar Development Council, NSDC, mid-term review of the National Sugar Master Plan (NSMP).
The N50billion Sunti Sugar company, is a subsidiary of Nigeria Flour Mills Plc, and now the largest Agro Allied Investment in Nigeria, with cadastral area of 15,100 hectares and cane production area of 5,000 hectares.
The sugar estate is expected to generate 25,000 jobs, creates over 15,000 direct jobs, including 3,500 indirect jobs and 3,000 small-scale out-growers in addition to 10 megawatts of electricity generation.
The Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, had during his recent inspection of Sugar Company along with Niger state, Governor Alhaji Abubakar Sani Bello, expressed the commitment of the government towards the resuscitation drive of the company.
Emefiele stated that the amount given to the company would be repaid with a single digit interest rate of seven per cent.
He said, “The sugar refinery project marks the success story of President Muhammadu Buhari’s focus and his aggressiveness towards ensuring that we diversify our country from oil economy into a non-oil driven economy. A project like this is an indication that Nigeria is working.
“It may look a little painful but at this time when there is scarcity of foreign exchange, this is the kind of project we will continue to give support to,” Emefiele disclosed.
According to the CBN Governor , the apex bank gave support both in terms of naira funding and also in providing foreign exchange for the importation of equipment and other machinery to investors and industrialists who are committed toward the economic growth and development of this country.
Mr. Theodore Dimou, the new Director of the company disclosed that Sunti Farms Limited has spent about $250million earmarked for the projects on the 3,000 hectres of land in the communities hosting the company.
He added that the company would soon expend additional $ 75 million on an additional 6,000 hectres of land , as well as engaging 1,200 locals.
Alhaji Yahaya Abubakar, Etsu of Nupe , who doubles as Chairman, Niger State council of Traditional Rulers, in his remark on the project disclosed that the establishment of the company in the communities will enhance the socio- economic development of the areas and the state in particular.
The three communities hosting the Sunti Sugar Estate and its agro-allied business are Kusopa, Kede and Sunfla all in Mokwa town.
Meanwhile, this newspaper gathered that President Mohammadu Buhari will be in Niger state on Tuesday, March 13, 2018 to commission the project.
Sunti Sugar refinery will be joining Dangote Sugar and BUA Sugar plants as industry leaders to make the country self sufficient in sugar production, which has been plagued with community hostility over land, incessant flooding of sugar estates and smuggling of St Louis Cube Sugar into the country.
Sunti is targeting 57, 750 metric tonnes of sugar annually, with hope of creating direct and indirect jobs for people within the host communities.
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