NIGERIA, BENIN: The unfortunate deteriorating situation with the SAVE Sugar Company Ltd has been described as predates the exit of the Chinese.
The Nigeria Minister of State for Industry Sen. John Owan-Enoh gave the description when he visited the sugar company in Savé, Benin Republic.
On Tuesday, he explained that the Savé Sugar Company is a joint venture between Nigeria and Benin Republic.
Sen. Owan-Enoh On arrival was received by his counterpart, the Minister of Industry and Commerce, Shadiya Alimatou Assouman, on courtesy visit in Cotonou.
In his social media post, the industry minister took time to explain the significance of his visit to the sugar company, observations and possible solutions.
The post read: “We paid a courtesy visit on my counterpart, the Minister of Industry and Commerce, Shadiya Alimatou Assouman, to express appreciation for the extra security measures put in place by the Government of Benin Republic to secure the SAVE Sugar Company. Established in 1975.”
“The company has experienced changing fortunes and now lies almost decrepit with the last managers, Compliant of China, having vacated in May 2023, at the expiration of a twenty year lease agreement.
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“Unfortunately, the deteriorating situation with the SAVE Sugar Company Ltd predates the exit of the Chinese. A joint Assessment visitation in 2021 was quite damning and recommended that Nigeria sell its equity holding in the company.”
“This was declined by the Buhari administration, which instead preferred that upon expiration of the lease agreement with COMPLIANT, the two governments competitively source for a new core Investor.
“Albeit President Olusegun Obasanjo visited the facility when he was head of state, my visit as Minister of State for Industry would be the first visit by any Nigerian Govt. official of cabinet rank in charge of industry.
“Huge facility i daresay. Unfortunately, unless the governments of Nigeria and Benin jointly act fast,it is going to waste away.
“Various meetings at both technical and policy levels have continued to be held, but away from these, action is needed.
“Seeing is believing is a common popular saying. This visit is an eye opener, and more than anything else, we seek its revival.
“The two countries, as a matter of urgency, need to get a worthy core investor within the shortest possible time.”
“This is not just about sugar; it is about livelihoods, partnerships, and the shared future of our nations.”
“However, where that is not feasible, the recommendation of the 2021 joint assessment report which submits to the selling of our equity in the company will be brought to the table for possible consideration. Action starts today.”