•Says FG may sell stake if resuscitation efforts fail
By Uche Usim
Minister of State for Industry, Senator John Enoh, is pushing for the swift revival of the Savé Sugar Company in Cotonou, Benin Republic.
The facility is a joint venture between Nigeria and Benin but has seen better days due to prolonged neglect.
To set things in motion, the Minister, on Tuesday, led a Nigerian delegation on a crucial visit to the company, which marked an important moment in Nigerian-Benin relations.
It brought attention to the pressing need for revitalisation efforts to restore the facility to its former capacity.
The Minister with Benin’s Minister of Commerce and Industry, Shadiya Alimatou Assouman, where he expressed appreciation for the enhanced security measures around the company.
Established in 1975, the Savé Sugar Company has long been a symbol of cooperation between the two nations, and the security efforts were crucial as the company faced its most challenging period in decades.
Assouman acknowledged the historic nature of the visit, saying: “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.”
Following the meeting, Senator Enoh proceeded to inspect the sugar company itself. What he saw was a stark contrast to the facility’s former glory. The company, which was once a beacon of industry, now lies in a state of near ruin. The last managers, Compliant of China, vacated the premises in May 2023 after their 20-year lease expired, leaving the facility abandoned and deteriorating.
The challenges facing the Savé Sugar Company are not new. A joint assessment conducted in 2021 painted a bleak picture of the company’s future, with experts recommending the sale of Nigeria’s equity stake in the venture. However, the Buhari administration decided against this suggestion, opting instead to seek new core investors following the expiration of the lease. Unfortunately, no significant progress has been made since.
After touring the facility, Senator Enoh was candid about the need for immediate action. He remarked: “Various meetings at both technical and policy levels have continued to be held, but away from these, action is needed. Seeing is believing, as the common saying goes. 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.”
The minister’s words reflected the gravity of the situation: the decline of Savé Sugar Company is not just an economic setback but also a potential loss of livelihoods for many workers and stakeholders in the region.
He emphasized that restoring the company would benefit both nations, strengthening economic ties and fostering mutual growth.
However, if efforts to secure a new investor fail, Senator Enoh suggested that the 2021 recommendation to sell Nigeria’s equity in the company might have to be revisited.
“The two governments must act now. The time for discussion has passed; it’s time for decisive action,” he concluded.
The visit has set the stage for renewed collaboration between the two countries as they work together to determine the future of the Savé Sugar Company. With both governments now focused on finding a viable solution, the next steps could have far-reaching implications for the sugar industry and wider economic relations between Nigeria and Benin.