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BUA to Invest N92bn in Sugar Production, Refining

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BUA Sugar
  • BUA to Invest N92bn in Sugar Production, Refining

The Managing Director, BUA Sugar Refinery Limited, Ibrahim Yaro, has said that the firm, which operates the second largest sugar refinery in Sub-Saharan Africa, will invest $300m (about N92bn at N305.7/$ official exchange rate as of Thursday) in sugar production and refining.

He stated that the company was targeting two million tonnes of sugar production annually, adding that this would substantially aid Nigeria becoming self-sustaining in sugar production and refining and even for export.

He spoke on Tuesday when the Minister of State for Industry, Trade and Investment, Hajia Aisha Abubakar, came on a tour of sugar plantation and facilities at the Lafiaji Sugar Company at Lafiaji in Edu Local Government Area of Kwara State.

The minister was accompanied by the Executive Secretary of National Sugar Development Council, Mr. Latif Busari.

The minister’s tour was to ascertain the level of progress at the LASUCO Sugar plantation owned by the BUA Group.

Yaro said LASUCO, a backward integration site for BUA Group’s sugar subsidiary, had over 20,000 hectares of arable land, suitable for sugar cane and strategically located to serve the northern and southern markets of Nigeria.

He stated that 500 hectares earmarked by the company for its nursery development in 2016 had been developed, adding that there was ongoing land clearing and development preparation for additional 5,000 hectares, which would take the company through 2018.Yaro said, “The company, in its quest to sustain this laudable project, is not only planning to invest $300m in the plantation but has acquired over 50 heavy state-of-art equipment to fast-track the development of the plantation and achieve its aim of producing 1.2 million tonnes per annum when fully developed.

“We are focused, determined and vigorously marching forward to meet our set target with the sugar council. LASUCO is targeting the production of two million tonnes of sugar cane annually and this segment alone can produce over 4,000 jobs, while thousands of employment ýwill be generated at the plant and at an indirect level. BUA is serious and ever ready to surprise Nigeria and Nigerians in its current efforts of becoming a mega local sugar producer and first sugar exporter in the country.”

He said the BUA Group remained committed to partnering the government in ensuring the success of the backward integration policy of the sugar industry as well as in its drive to resuscitate and develop other areas of the Nigerian agricultural sector.

The minister commended the management of the BUA Group for the extensive work so far achieved with LASUCO and for its commitment to sugar development in Nigeria.

She lauded the investments and progress made on the plantation and called for greater commitment of state governors and host communities to attract more investments.

She said, “We are indeed very satisfied with the current pace of work and commitment exhibited by BUA on its sugar plantation.

“We hope other sugar companies will emulate the proactive steps employed by BUA to achieving self-sufficiency in sugar production, which will eventually translate to positive gains in Nigeria’s efforts in becoming a sugar producing nation.”

Busari said it was necessary to produce between 1.8 million and two million tonnes of sugar to meet the annual sugar needs of the country.

The Kwara State Governor, Alhaj Abdulfatah Ahmed, during the minister’s courtesy call on him, assured local and foreign investors of an enabling environment for investment to engender economic growth of the state.

He said his government was prepared to give necessary support to investors as a way of making Kwara State the preferred choice of business.

The governor, who identified agriculture as a key driver of the economy, acknowledged efforts of the Federal Government to truly revamp agriculture sector to serve as a means of diversifying the economy, creating employment opportunities and regaining the lost glory in economy.·

He also commended the Federal Government for its drive to achieve self-sufficiency in sugar production through backward integration.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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How to Access Survivalfund Through Official Registration Portal

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small-business

Here is a Detail Break Down of How You Can Access MSMEs Survival Fund

You can now start registering for the National Micro, Small and Medium Enterprises (MSMEs) Survival Fund instituted by the Federal Government to help small businesses and individuals impacted by COVID-19.

To access survival fund registration portal log on to https://survivalfund.ng

According to Laolu Akande, the Senior Special Assistant on Media and Publicity to the President (Office of the Vice President), “Next week, we are starting the survival fund, which is a part of this plan. From next week, it will be available and people who are potential beneficiaries will be able to get more information on https://survivalfund.ng.”

He said from next week, “the website https://survivalfund.ng will be open for Nigerians who have MSMEs or who are artisans, plumbers, electricians, transport workers, private school teachers or who belong to different categories under the survival fund.”

About 45 percent of beneficiaries of the program are expected to be female-owned businesses while 5 percent is allocated to persons with special needs.

The survival fund includes payroll support for three months, and a guaranteed offtake scheme among others, all under the National Economic Sustainability Plan (NESP).

The Federal Government plans to reach around 1.7 million individuals and businesses through the program.

How to Benefit from MSMEs Survival Fund.

To benefit from National MSMEs Survival Fund, your business must:

—Be Nigerian-owned
—Be CAC-registered
—Business owner must have a BVN
—Staff strength of not less than 10 for Payroll Support and 3 for GoS.

Eligibility for the survival fund Nigeria

To qualify for Survival Fund Nigeria, applicants must meet the following requirements:

  1. For employers of MSMEs
  • All the beneficiaries companies must be registered under the Corporate Affairs Commission (CAC).
  • Must have staff capacity of not less than 3 persons,
  • All the eligible enterprises must be owned by a Nigerian and located in Nigeria.
  • Must have BVN.
  1. Self-Employed Individuals in the following categories
  • Service Providers in the transportation sector, i.e bus drivers, taxi drivers, ride share drivers (Uber, Bolt. etc) and Mechanics.
  • Artisans: Electricians, Plumbers, etc.

Application portal opening date

The portal will open on Monday, 21st September 2020

Survivalfund.ng Portal

The MSME Survival Fund registration portal is survivalfund.ng. Registration for the National MSMEs Survival Fund will begin on Monday, 21st September 2020.

MSME Survival Fund Registration Portal & Information.

Under the National Survival Fund is a Payroll Support Scheme, vulnerable registered businesses will be supported in meeting their payroll obligations of between N30,000 to N50,000 per employee to safeguard the jobs of a maximum of 10 employees over a 3-month period.

In addition to registered businesses, the National MSMEs Survival Fund will also cater to a second category of Nigerians: the Self-employed, including:

  • Service providers in the transportation sector, i.e. Bus/Taxi drivers, Rideshare drivers, Auto-Mechanics
  • Artisans (Electricians Plumbers etc).

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Dangote Cement to Invest N4bn in Projects in Ogun State

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Prime Real Estate Development At Eko Atlantic City

Dangote Cement Commits Over  N4bn to Projects in Ogun State

Dangote Cement Plc has said it will be spending over N4 billion on various projects in 14 host communities in Yewa, Ogun State.

The company disclosed this on Sunday in a statement signed by Mr Francis Awowole-Browne, the Media and Community Relations Manager of Dangote Industries Limited.

Since the inception of Dangote Cement in Ibese, in the last eight years of creation in Ogun, we have focused on construction and repairs of roads, the building of blocks of classrooms, construction and repairs of healthcare facilities.

“We have also provided boreholes, some electricity transformers, among others,” he said.

The company listed the projects as the creation of 40 classrooms, three health centres, 22 boreholes and provision of three transformers totalling N4.1 billion.

Education is power, skill is power, and Dangote cement places a premium on education and skills acquisition; that is why we are encouraging our people to be educated,” he said.

Other ongoing projects were 18 classrooms, four roads, one borehole, one health centre and five transformers estimated at N278 million.

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FG to Ease Economic Burden of 1.7m Small Businesses, Individuals

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FG to Provide Financial Support for 1.7m Small Businesses and Individuals

The Federal Government has said it will provide financial support for 1.7 million businesses and individuals in the next three months.

The Minister of State for Industry, Trade and Investment, Ambassador Mariam Katagum, disclosed this at the virtual commissioning of the Fashion Cluster Shared Facility for Micro, Small and Medium Enterprises (MSMEs) held at Eko Fashion Hub, in Lagos.

According to the minister, the initiative was borne out of the government’s continued effort at cushion the negative impact of COVID-19 on the people by protecting present jobs while simultaneously creating new opportunities.

She further explained that the administration of President Buhari, through the Economic Sustainability Committee, had launched specific programmes to cushion the negative effect of COVID-19 on small businesses across the country.

She said, “The Federal Government is fully committed to empowering Nigerians; more so in the face of the COVID-19 Pandemic. In this regard, the government, through the Economic Sustainability Committee had announced specific programmes aimed at cushioning the impact of COVID-19 on MSME businesses.

“These programmes include among others, the N75 billion MSME Survival Fund and Guaranteed Off-take Schemes of which I have the honour to chair the Steering Committee for the effective implementation of the projects.

“The project, which will run for an initial period of three months, is targeting 1.7million entities and individuals and has provisions for 45 per cent female-owned businesses and five per cent for those with special needs. The registration portal for the schemes is set to open on Monday 21st September 2020 and I urge you all to take full advantage of the schemes.”

Katagum explained that the Nigerian Economic Sustainability Plan, which was developed by a committee headed by the Vice President, Yemi Osinbajo, was introduced to combat the health and economic challenges brought about by the COVID-19 pandemic.

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