By Dipo Olowookere
The Central Bank of Nigeria (CBN) has re-echoed its commitment towards using agriculture to drive the economic diversification of the present administration.
CBN Governor, Mr Godwin Emefiele, made this known recently at the ground breaking ceremony of white refined sugar factory for Great Northern Agribusiness Limited at Garin Ciroma, Gagarawa Local Government in Jigawa State.
He lamented that Nigeria spends over $100 million importing sugar despite its capacity to cultivate sugarcane and produce sugar.
He said to stop this, the apex bank had to support the Jigawa State government and a Chinese company, Lee Group, to establish a multi-billion Naira white refined sugar cane factory that will generate N60 billion annually for the state, applauding them for this move.
Mr Emefiele noted that the sugar production was part of CBN’s core aspect of the anchor-borrowers programme, adding that the bank will support Lee Group and other small scale farmers that were involved in sugarcane production in such a way that the company could buy-off the sugarcane planted by farmers.
According to him, the Lee Group had touched the hearts of Nigerians by heeding the presidential call towards self-sufficiency.
Mr Emefiele assured that the CBN will give its support to the group to ensure the success of the project, noting that the Group was complementing the efforts of the Federal Government of Nigeria towards ensuring that Nigeria achieved her goal of diversifying its economy.
Speaking at the event, which took place on April 30, 2017, Chairman of Lee Group of Companies, Mr Lee Sheau, stated that agriculture had the potential to revive the Nigerian economy, adding that investment in this sector would reduce the dependence on food importation; provide the much needed employment and reduce the massive foreign exchange requirement of Nigeria.
In his own address, the Jigawa State Governor, Mr Muhammad Badaru Abubakar, described the ground breaking ceremony as a pivotal milestone and giant leap in an effort to realize Nigeria’s untapped potential as a future agricultural and an industrial power house.
He added that the complex, when completed, would house four independent plants that will eventually produce sugar, food seasoning, organic fertilizer and high density fibre.
The Governor listed other features of the industrial complex to include Sugarcane Crushing Capacity of 14,000 TCD, expected cane yield per hetre of 100mMT/H; expected total Sugar Production of 120,000 metric tons per annum, adding that the complex had the potential of engaging 5,000 workers through direct employment.
Adedapo Adesanya