â¢Apex bank to place sugar, wheat on FX restriction
â¢To make states begin repayment of budget support facility in May
â¢Dangote targets 150,000 jobs via $500m sugar plant
Obinna Chima in Lagos and James Emejo in Abuja
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday weighed in on the raging controversy over whether or not the apex bank printed money to augment funds from the Federation Account Allocation Committee (FAAC) distributed to states and the Federal Capital Territory (FCT) in March.
Emefiele told reporters yesterday in Awe, Nasarawa State, that the controversy was unnecessary as the CBN acted in national interest.
CBN governor: It s inappropriate to give colouration to currency printing today.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from today.ng Daily Mail and Mail on Sunday newspapers.
Sugar refining equipment under construction at LASUCO
Obinna Chima who this week visited the Lafiagi Sugar Company, a subsidiary of the BUA Group, highlights efforts the company is taking to support the federal government’s National Sugar Master Plan, boost job creation and support economic diversification
Nigeria’s National Sugar Master Plan (NSMP) was designed to attract over $1 billion annually in local and foreign direct investments and create an estimated 107,000 jobs over the first ten-year period.
During a tour of LASUCO
Its aim is to raise local production of sugar to enable the country attain self-sufficiency; stem the tide of unbridled importation; create huge number of job opportunities and to contribute to the production of ethanol and generation of electricity.
Sugar War: Ganduje, Kano leaders wade in; meet Dangote, Rabiu
The dispute between the duo is over who controls the sugar market in Africa’s biggest economy. 3 min read
The latest clash between two of Nigeria’s richest men, Aliko Dangote and Abdul Samad Rabiu, over sugar production in Nigeria has been settled by Governor Abdullahi Ganduje of Kano and Aminu Dantata, a prominent northern billionaire who is Mr Dangote’s uncle.
PREMIUM TIMES earlier reported that the dispute between the duo is over who controls the sugar market in Africa’s biggest economy.
While Mr Dangote accuses his competitor of attempting to appropriate an undue advantage, Mr Rabiu says Africa’s richest man wants to monopolise the market and manipulate prices. Mr Dangote denied the price-fixing allegation in a statement.
Project lawful, will checkmate arbitrary price hike, create jobs, says Rabiu
The Chairman, Dangote Industries Limited, Alhaji Aliko Dangote, alongside Chairman, Flour Mills of Nigeria Plc, Mr. John Coumantaros, have said the establishment of a new sugar refinery plant in the country poses a threat to the attainment of the National Sugar Master Plan (NSMP) as well as sustainability of the country’s local sugar industry.
They argued that the country currently had enough refining capacity to meet national demand.
In a joint petition to the Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, dated January 28, 2021, the duo protested the recent commissioning of a sugar refinery in Port- Harcourt, Rivers State, which is reportedly owned by BUA International, one of the operators in the sugar industry.