Emefiele Reiterates CBN’s Commitment To Development Of Agriculture

Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has said that the apex bank remains committed to development of agriculture and allied products in the country.

Emefiele who said this at the inauguration of the Sunti Golden Sugar Estates Sunti in Mokwa Local Government Area of Niger State, noted that any individual or company that wants to go into agricultural and agro-allied productions should count on the support of the bank.

He disclosed that the CBN invested over N25 billion into the Sunti Golden Sugar Estates through a consortium of banks at a single digit interest rate repayable over a period of 10 years. CBN Governor Emefiele expressed satisfaction on the level of work saying it is in tune with President Muhammadu Buhari’s notion that Nigerians should produce what they eat and eat what they produce.

Speaking at the event, the Chairman of the Flour Mills of Nigeria, owners of the Sunti Golden Sugar Estates, Mr. John Coumantaros said the sugar factory was a strategic investment designed to accelerate the production of sugar in Nigeria. He added that the factory which will save the country about $100 million in foreign exchange annually is aimed at achieving self sufficiency in the production of sugar.

Coumantaros who commended the CBN and the CBN governor for the support towards making the sugar estate a reality said the era of Nigeria solely depending on crude oil for foreign exchange is over with the inauguration of the largest sugar factory which is poise to overhaul the entire agriculture sector in the country.

Source: VANGUARD