DECEMBER 10, 2014 BY AGENCY REPORT


The Federal Government has inaugurated a N45bn integrated sugar project in Sunti, Niger State.

The project, wholly owned by Flour Mills of Nigeria Plc, and comprising a 16,500-hectare sugar cane estate and mill, is part of the Ministry of Industry, Trade and Investment’s approved Backward Integration Programme for the production of local sugar in line with the provisions of the National Sugar Master Plan.

Already, the company has invested N16bn while the entire project is expected to be completed and inaugurated before the end of 2016. When completed, the project is expected to produce 100, 000 metric tons of sugar annually, create 15,000 direct and indirect jobs, generate 10MW of electricity, produce animal feed and fertilizer as a by-product and save the country over $50m annually in foreign exchange.

Speaking during the inauguration on Tuesday, the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, said the event represented a milestone in President Goodluck Jonathan’s economic diversification efforts.

Aganga noted that the implementation of the National Sugar Master Plan was an integral part of the Nigeria Industrial Revolution Plan.

The minister said, “Today is another historic day as it represents another milestone in the implementation of the National Sugar Master Plan, an integral part of the Nigeria Industrial Revolution Plan , which was launched by our President, Dr. Goodluck Jonathan, in line with his Transformation Agenda.

“As part of the NIRP, we have developed the National Sugar Master Plan as one of the sector-specific policies to diversify the Nigerian economy because we were importing about 97 per cent of the sugar we consume in this country when we can produce sugar from sugar cane. Also, from the raw materials of producing sugar, we can generate electricity, produce ethanol and animal feeds.”

Aganga, who expressed satisfaction with the current level of implementation of the new Sugar Master Plan, said the country was on course towards achieving economic diversification, stressing that the Federal Government would continue to provide the conducive environment and right incentives to attract and sustain investments across the country.

He said, “In 2012, President Jonathan approved the National Sugar Master Plan because for a long time, we have relied heavily on exporting one commodity (crude oil) despite the fact that our country is blessed with about 84 million hectares of arable land. And for decades, we pursued a wrong policy of exporting crude oil and using the proceeds to buy back refined petroleum products and created jobs for other countries. The current decline in price of oil has reinforced the need for us as a country to take proactive steps to diversify our economy through industrialisation.”

“Today, I have come to see the progress that Flour Mills has made in terms of adhering strictly to the Sugar Master Plan. Although I receive regular updates from the National Sugar Development Council and all the sugar companies, I still consider it very important to come to see things by myself; and I am satisfied with the level of investment and work that are going on here.”

The minister added, “Having gone round the multi-billion-naira facility, I can say that the company has fully embraced the new Sugar Master Plan and is fully implementing their Backward Integration Programme as approved by my ministry. One striking thing about the company’s BIP is that they are doing the sugar cane plantation side by side with rice production, thereby, keying into commodity-based industrialisation and import-substitution.

“This is in line with Federal Government’s strategies for diversifying our nation’s economy, and we are on course towards achieving that. We will continue to provide the conducive environment and right incentives to attract and sustain more investments across all sectors of the Nigerian economy.”

In his remarks, the Chairman, Flour Mills Nigeria Plc, Mr. John Coumantaros, commended President Jonathan and Mr. Aganga for initiating and implementing the new Sugar Policy, adding that the company would continue to take advantage of government’s investment-friendly policies and incentives to invest more in the country.

http://www.punchng.com/business/business-economy/fg-unveils-n45bn-sugar-project-in-niger/

WhiteTechnology:
Good

But I will be happy if government can focus on

1) massive production of food crops to cut down the price of food by half. This will help reduce the amount of naira leaving peoples pockets.

2) production of electrical/ electronic / tools/ mechanical etc products to help reduce the dollar leaving our reserve in the name of importation.

3) establish small or medium scale textile mill that can be powered by atmost lister generators and atleast tiger generators until the day we completely fix power. This will help boast our clothing production especially in areas like Aba.

Sincere9gerian:

Growing the agric sector is not just about falling food prices. It is first and most importantly, about creating jobs, lifting more of your people out of poverty, diversifying the economy and reducing import dependency. Reduced import dependency will stabilize your currency and economy as a whole.

As the prices of food items, more investments in the sector will lead to stable and more predictable prices, and not necessarily a fall in prices.

Pavore9:
As long as it cuts down the importation of sugar and creates jobs, l am comfortable with it.

Olayemie:
,

coded01:
What about Salt?

RaeMystix:

& pepper