Business
Charting A way Forward: Minister Of State for industry, Enoh inspects The Save Sugar Company in Benin Republic
…Calls for immediate action
Joel Ajayi
January 14th, 2025, a day etched in the annals of Nigerian-Benin relations, Senator John Owan Enoh, Nigeria’s Minister of State for Industry, Fed. Ministry of Industry Trade and Investment was in Cotonou to inspect the once-thriving sugar production facility.
Savé Sugar Company, a joint venture between Nigeria and Benin Republic.
On arrival in Cotonou,the Minister of State for Industry Sen. John Owan Enoh, paid a courtesy visit on his Benin Counterpart ,Shadiya Alimatou Assouman, Minister of Commerce and Industry Benin Republic, to express appreciation for the extra security measures put in place by the government of Benin Republic to secure the Savé Sugar Company which was Established in 1975.
The meeting between both ministers, brief yet significant, resonated with shared concerns and aspirations of both countries. Shadiya Alimatou Assouman remarked:
“This visit marks a historic moment. Since the inception of the company, no Nigerian minister has visited the facility. Your bold step signifies a commitment not only to the sugar complex but also to the bilateral relations between our nations.
” . Thereafter, the Minister of State proceeded on an on-site inspection of the facility and observed that 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.
Unfortunately,the deteriorating situation with the _Savé 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 new core investors.
Senator John Enoh, flanked by members of his team, meticulously examined the infrastructure, assessing its potential for revival.The Minister of State for Industry, after the inspection, remarked.
” 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.”
Business
NEXIM Bank Secures Bbb+ Rating from Agusto & Co., Declares ₦30.47 Billion Operating Profit
By Joel Ajayi
The Nigerian Export-Import Bank (NEXIM) has been assigned a Bbb+ rating by leading credit rating agency Agusto & Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.
For the year ended 2024, NEXIM Bank reported an operating profit of ₦30.47 billion, more than double the ₦13.75 billion recorded in the previous year. This remarkable growth underscores the Bank’s financial resilience and operational efficiency.
Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).
The Bank has sustained strong liquidity and capital adequacy ratios, alongside notable growth in its loan book and equity investments. Key sectors supported include manufacturing, agriculture, solid minerals, and services.
According to Managing Director, Mr. Abba Bello, NEXIM has intensified its intervention in the non-oil export sector, disbursing over ₦495 billion and facilitating the creation and sustenance of more than 36,000 direct and indirect jobs.
Among the Bank’s key initiatives are:The Regional Sealink Project: A public-private partnership designed to improve maritime logistics across West and Central Africa. Promotion of Factoring Services: Offering alternative export financing solutions for SMEs. And Joint Project Preparation Fund (JPPF): Implemented in partnership with Afreximbank to enhance the bankability of export projects.
Additionally, NEXIM is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, aimed at unlocking export potential and boosting foreign exchange earnings.
With its renewed drive, NEXIM Bank remains committed to building local processing capacity, advancing Nigeria’s competitiveness in global trade, and strengthening non-oil export revenues by moving up the commodity value chain.
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