FG Resuscitates Sunti Sugar Company with N26bn

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Laleye Dipo in Minna

The Sunti Sugar Company in Mokwa town of Niger state, which has been comatose for over two decades has received a bailout fund of N26 billion from the federal government.

The Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, who announced this while on an inspection visit to the Sugar Company along with Niger state, Governor Alhaji Abubakar Sani Bello, said the federal government’s gesture was to assist the resuscitation drive of the company.

Emefiele said that the amount given to the company would be repaid with a single digit interest rate of seven per cent.

“This 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 said.

Emefiele declared that the “CBN is ready to give 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.”

Also, the Niger state Governor urged the people of the state to protect the installations.

“As investors are coming into the state now, host communities must be prepared to cooperate with them, protect the factories. The agro-allied factories will not only provide jobs for our youth, they will empower and enhance our farmers as the factories are ready to buy up all the farm produce,” he added.