Nigeria remains committed to operations of Onigbolo cement, Save Sugar companies-Minister

The Nigerian government says it is committed to the progress and optimal operation of Onigbolo Cement and Save Sugar Companies for economic development between Nigeria and the Republic of Benin.

The Nigerian Minister of State for Industry, Trade and Investment, Amb. Mariam Yalwaji Katagum made this known during the Ministerial Session and Signing of Resolutions and Communique of the 26th Ordinary Session of the Joint Supervisory Authority (JSA) on Onigbolo Cement and Save Sugar Companies between the Federal Republic of Nigeria and the Republic of Benin, held in Abuja.

Amb. Katagum revealed that the enterprises have experienced mixed fortunes over the years, leading to the full privatisation of the two Government stakes in Onigbolo Cement Company.

The Minister in a statement noted that the lease agreement governing the management and operations of Save Sugar Company will expire in May 2023, stating that, it is expedient on the part of both governments to proactively design and develop concrete steps and actions that will enhance the fortunes of the enterprise post 2023.

She also said overtime, both governments have embarked on preliminary assessment of the assets with a view to determining its future and the assessment exercise has revealed the need for detailed technical and financial evaluation of the enterprise.

“In that regard, the Federal Ministry of Industry, Trade and Investment has been directed by His Excellency, President Muhammad Buhari, GCFR to ensure that the Nigerian Government maintains interest in Save Sugar Company while at the same time encourage private investments into the enterprise. This is to guarantee infusion of financial resources and repositioning of the enterprise for better performance” the Minister state.

Amb. Katagum emphasized that the representatives of Governments should re-double efforts to guarantee delivery of the objectives and desires of their respective Governments, stating that it would further magnify and sustain the aspiration of the founding fathers.

The Honourable Minister of Industry and Commerce, Republic of Benin, H.E. Alimatou Shadiya Assouman acknowledged the good will of President Muhammadu Buhari in strengthening the bilateral relationship between Nigeria and Republic of Benin and also the work well done by the Honourable Minister of State for Industry, Trade and Investment, Amb. Katagum and her technical team.

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