FMN sugar mill will reduce imports, create jobs, says Coumantaros
Savings of $35M Forex By 2018
Truly, Nigeria’s backward integration is on course, at least from the investments of the Flour Mills of Nigeria (FMN) Group and the resultant outcomes that are visible at the Sunti Golden Sugar estate in Mokwa Local Government Area of Niger State.
On the basis of the consistent steps towards realisation of the Federal Government agenda and its National Sugar Master Plan, Mr. John Coumantaros, Chairman of FMN stated clearly, at the pre-commissioning inspection of the multi-billion Naira Sugarcane mill by Governors of Niger State, and Central Bank of Nigeria (CBN) Sani Bello and Godwin Emefiele respectively, that the group is well under way to replacing imports with locally produced agricultural raw materials.
By the Chairman’s projection, FMN new mill’s production output will not only be saving the nation as much as $35million by 2018, 4,000 direct and another N4,000 indirect jobs would be created. In a multiplier effect, he revealed that about 25,000 jobs would have been provided.
Coumantaros said that pursuing the project is consistent with the nation’s goal of driving backward integration.
From the Sunti farm and mill will 100,000 metric tons of sugar be produced at full capacity, a result of FMN’s commitment to growing its raw material locally that it has embarked on. According to Mr. Paul Gbededo, Group Managing Director of FMN, at full capacity production in 2018, the Sugar Estate would have provided thousands of jobs down the value chain.
Gbededo said about N35billion has been invested out of the N45billion for the completion of the project, adding that 3,000 hectares of the 10,000 hectares would have cultivated by the end of this year.
The factory has an expanded capacity of 4,500tcd, which is large enough to process all of the cane produced by the farm, he revealed.
In spite of the forex difficulty affecting the sector, the pursuit of this agribusiness landmark, Gbededo said, goes to emphasise the group’s commitment to the National Sugar Master plan, which is on course.
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