‘We spend over $100m importing sugar every year’

Godwin Emefiele, Governor of Central Bank of Nigeria (CBN), has said the country spends over $100 million importing sugar every year instead of growing the commodity on the vast land that is available to farmers.

Godwin Emefiele
Governor, Central Bank of Nigeria 
Emefiele who spoke during the foundation laying ceremony of a multi-billion naira white refined sugar cane factory sponsored by the Lee Group and Jigawa State Government said by utilizing available land in Jigawa State alone, the owners of the factory will generate N60 billion annually for the state.

Commending the Lee Group for investing in sugar production in the state, he said “by this initiative, you have helped in joining the Federal Government of Nigeria towards ensuring that we achieve our goal of diversifying away our economy from oil into a very important sector which is called agriculture.

“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 CBN, I appeal to you to come over to us, 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 the CBN.”

Emefiele said sugar production is part of CBN’s core aspect of the anchor-borrower programme.

Governor Muhammad Badaru Abubakar described the factory as an industrial complex which is designed to generate an all-year round employment, with over 15,000 workforce, just as 12 settlements have already been relocated and compensated.


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