▪︎NIGERIA’s Minister of State for Industry, Trade and Investment, John Owan Enoh, and the Republic of Benin, Minister of Commerce and Industry, Shadiya Alimatou Assouman.
NIGERIA’s Minister of State for Industry, Trade and Investment, John Owan Enoh, has emphasized the urgent need for Nigeria and the Benin Republic to identify a suitable core investor promptly to revitalize the Savé Sugar Company (SSC).
Save Sugar Company was established in 1982 and started production in 1983. Save Sugar Company is a joint venture between Nigeria and the Benin Republic with the following shareholding structure: the Federal Government of Nigeria 46%, the Republic of Benin 49 %, and Lonrho (Technical Partner)5%.
During an inspection of the historically significant facility located in Cotonou, Benin Republic, the Minister acknowledged the enhanced security measures implemented by the Benin government to safeguard the Savé Sugar Company.
” Save Sugar Company is a joint venture between Nigeria and the Benin Republic with the following shareholding structure: the Federal Government of Nigeria 46%, the Republic of Benin 49%, and Lonrho (Technical Partner) 5%.”
Following the assessment, Minister Enoh stated, “While various meetings at both technical and policy levels have been conducted, decisive action is now required.
This visit has provided significant insights, and above all, our focus is on the revival of the company. “The stakes are not limited to sugar production; they encompass livelihoods, partnerships, and the shared future of our nations.
However, should this revival prove unfeasible, we will consider the recommendation from the 2021 joint assessment report regarding the potential sale of our equity in the Save Sugar Company. We must initiate these actions without delay.”
Diana Tiku Nsan, Special Adviser to the Minister on Media, noted that the challenges faced by Savé Sugar Company Ltd began before the exit of the previous management, Compliant of China, which vacated the premises in May 2023 after completing a 20-year lease agreement.
Nsan highlighted that a joint assessment conducted in 2021 was notably critical, advising the Nigerian government to divest its equity stakes in the enterprise.
This recommendation was previously declined by the former Buhari administration, which favored sourcing new core investors following the expiration of the lease agreement with Compliant of China.
Upon arrival in Cotonou, Minister Enoh also paid a courtesy visit to his counterpart in Benin, Minister of Commerce and Industry, Shadiya Alimatou Assouman.
The discussions held between the two ministers underscored shared concerns and aspirations for both nations. Minister Assouman remarked,
“This visit is a historic milestone. No Nigerian minister has visited this facility since its inception. Your visit signifies a strong commitment not only to the sugar complex but also to the strengthening of bilateral relations between our countries.”