The Bank supported 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.While lamenting that Nigeria spends over $100 million importing sugar despite its capacity to cultivate sugarcane and produce sugar, he commended the Jigawa State and its Chinese partners for embarking on the project.
The Governor 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 are involved in sugarcane production in such a way that the company could buy-off the sugarcane planted by farmers.He noted further that 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.
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