The Nasarawa State Government and Flour Mills of Nigeria have signed a Memorandum of Understanding (MoU) for a $300million investment in sugar production.
Under the MoU, the state leased 20,450 hectares of land to Flour Mills of Nigeria for 50 years, during which the company is expected to ramp up the Backward Integration Plan (BIP) in sugar production as provided in the Sugar Master Plan of Nigeria.
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At the event in Abuja on Friday, the governor of Nasarawa State, Abdullahi Sule, said the investment would create jobs for the people and advance wealth creation, assuring the investor of security in the area.
The group managing director/chief executive officer of Flour Mills of Nigeria Plc, Boye Olusanya, said the company was investing $300 million on the 20,450 hectares of land in Toto, Nasarawa State, out of which 15,000 will be used for sugarcane plantation and the rest for supporting infrastructure.
He said the latest investment was in addition to the investments at Sunti, Niger State, which is on record as the first green field investment under the National Sugar Master Plan that is currently producing raw sugar.
In his remarks, the executive secretary of the National Sugar Development Council, Mr Zacch Adelabu Adedeji, said the investment brought Nigeria closer to the realisation of the targets of the National Sugar Master Plan, aimed at making the country self-sufficient in sugar production. There is a similar project on sugar by Dangote.
The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, said the development was a success for the federal government’s Backward Integration Programme, aimed at making Nigeria self-sufficient in sugar production.
Francis Arinze Iloani, Muideen Olaniyi & Umar Muhammed, Lafia
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