ABUJA: The Central Bank Governor, Mr. Godwin Emefiele, has said the future of Nigeria is bright with the outcome of the investment funding the apex bank is giving to companies like Flour Mills of Nigeria Plc (FMN), which is putting its new sugar mill to run by May 2016. State at the weekend, said the plant would produce 100,000 metric tons of sugar yearly at commencement. He added that this would invariably translate to savings in foreign exchange for the country.
He disclosed that CBN would continue to support agriculture and companies that are committed to backward integration and sourcing large percentage of their raw materials locally. Expectedly, Nigeria’s newest sugarcane mill, built by Flour Mills of Nigeria, is set to churn out the first batch of high polarity sugar, raw material for confectionery and beverage industries.
Niger State governor, Alhj. Sani Bello, who disclosed the company has engaged about 800 direct and indirect employees from the host communities, lamented the low level of agricultural mechanisation in the country. He appealed to CBN to reduce the challenges, especially for farmers in the state. Chairman, FMN Group, Mr. John Coumantaros noted at the pre-commissioning visit that pursuing the project is consistent with the nation’s goal of backward integration.
