Business
CBN To Empower Investors For Backward Integration
The Central Bank of Nige
ria (CBN) has said that it would empower investors who love Nigeria and were ready to develop it.
The bank said it would do this by providing funds, including foreign exchange for such Nigerians to import plants and other equipment for backward integration programme.
Governor of the apex bank, Mr Godwin Emefiele, made this known in Mokwa, Niger, when he inspected Sunti Golden Sugar Estate Factory Project.
He announced that CBN was ready to partner investors for the development of the country.
“CBN is ready to give support in terms of Naira funding and foreign currency funding for investors and industrialists who are committed toward the economic growth and development of this country.
“We will give them support as long as they have at the back of their minds and heart to create jobs for our teaming population.’’
Emefiele said that CBN provided Sunti Golden Sugar Company with about N26 billion through intervention fund at a single digit interest rate of seven per cent.
“This project marks the success story of the President’s focus and his aggressiveness toward ensuring that we diversify our country away from oil into a non-oil area.
“Nigeria is working. It may look a little painful but at this time when there is scarcity of foreign exchange, these are the kinds of project we will continue to give support to.
“What is raw material, sugar cane; what does it take to produce sugar cane, the land and irrigation.
“You don’t need to import raw materials, the only thing you need is to plant and the equipment will be acquired,” he said.
He said that the country was faced with the challenge of producing only two per cent of sugar needed by the country and importing 98 per cent.
“I don’t see this as a problem but as opportunity to grow our economy and grow sugar for the teaming population of this country.’’
The governor commended the government and people of Niger for providing the enabling environment for industries that were ready to take the state to greater heights.
He urged farmers to take the opportunity of CBN’s “Anchor Borrower Programme’’ to access the Micro and Small Scale loan.