Abuja (Minister of Industry, Trade and Investment) – The Minister of Industry, Trade and Investment, Olusegun Aganga, recently during the Quarterly Meeting with the Director Generals and Chief Executive Officers of agencies and parastatals under the ministry in Abuja, disclosed that the Federal Government has concluded plans to provide N2 billion Agricultural and Infrastructure Support Fund for investors in the sugar industry.
Aganga noted that the intervention fund, which will be disbursed at a single digit interest rate, would serve as cheap and affordable capital for investors who are investing in the Backward Integration Programme of the Federal Government in the sugar sector.
He said, “The National Sugar Development Council, a parastatal under my ministry, is providing N1billion from the Sugar Levy while the Bank of Agriculture will provide a matching fund of additional N1 billion as Intervention Fund to assist investors and farmers who are investing in the sugar-cane to sugar programme, which is an integral part of the Backward Integration Programme in the sugar sector”.
Giving an overview of the activities and performance the Ministry of Industry, Trade and Investment, Aganga said that it had exceeded its expectations in terms of formulation and implementation of policies that have impacted positively on the country’s economy.
Stating that, “We have developed and begun the implementation of the Nigerian Industrial Revolution Plan which was launched by our President, Goodluck Ebele Jonathan. The president has also inaugurated the Presidential Advisory Council on NIRP and they have been meeting to address all the bottlenecks that limit the productivity and competitiveness of our industrial sector.
Continuing he added that, in the automotive sector, we have made significant progress as the new auto policy which has helped in revitalizing some hitherto moribund auto assembly plants. Stating that, apart from new and existing investors whom have begun the assembly of cars in the country, more global Original Equipment Manufacturers have committed to coming to establish new auto assembly plants in the country as a result of the new policy.”
Adding that, in other sectors, there are five new policies in the pipeline and these are aimed at revitalizing and revolutionalising some key industrial sectors in order to drive job creation, wealth generation and economic transformation of our country.”
Speaking during the meeting, the Executive Secretary/Chief Executive Officer, National Sugar Development Council, Lateef Busari, said the N2 billion funds would enable farmers and investors in the sugarcane business programme to have access to funds to expand their operations.
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