CBN Grants N26bn Bail-out To Sugar Firm | Independent Newspapers Limited
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CBN Grants N26bn Bail-out To Sugar Firm

Posted: Apr 11, 2016 at 8:46 pm   /   by   /   comments (0)
Chinwendu Nnadozie
The Central Bank of Nigeria (CBN) has announced N26 billion bail-out to Sunti Golden Sugar Mill, a privately-owned sugar company located at Sunti village, Mokwa Local Government Area of Niger State, on a single digit interest rate of 7 per cent as intervention fund.
The financial support announced by Godwin Emefiele, the apex bank governor, was highpoint of his visit to Niger State where he accompanied the Governor Abubakar Sani Bello to inspect hectares of Sugar cane plantation belonging to the company and which has laid comatose for over a decade.
Emefiele said the apex bank was ready to partner with both foreign and local investors and industrialists committed towards taking advantage of the backward integration programmes of the Federal Government.
“The CBN is ready to give support both in terms of Naira and in foreign currency funding for importation of relevant equipment and other machinery to investors and industrialists who are committed towards the economic growth and development of Nigeria,” he said.
Apart from the N26 billion intervention funds at single digit interest rate of 7 per cent, the CBN Governor said the backward integration scheme of Sunti Sugar Company informed the apex bank’s intervention as both the host community and Nigeria professionals would be employed by the company.
CBN Governor said: “The Sunti Sugar Company project marks the success story of the President Muhammadu Buhari’s focus and aggressiveness towards ensuring the diversification of our country from crude oil to a, non-oil driven economy.
“Project like this is an indication that Nigeria is working. It may look a little painful now at this time when there is scarcity of foreign exchange, Sunti Sugar Company is the kind of project we will continue to give our support as a government,” he stated.
Governor Bello while speaking urged communities hosting various industrial initiatives in the state to protect projects in their domain even as he assured investors of enabling government policies to protect investors and their investments.
Niger State, Bello observed, had been adjudged one of the states with the least crime index, adding that providing security cover for the privately owned, N36 billion worth Sunti Golden Sugar Mill at Sunti village would be among top priority on the security list of his administration.