The Nigerian Minister of State for Industry, Senator John Enoh, has called for urgent action to revitalise the Savé Sugar Company, a joint venture between Nigeria and Benin Republic, which has been struggling for years, LaPalabras reports.
Enoh made this known during his visit to the facility on Wednesday, when he expressed appreciation for the security measures the Benin government put in place to protect it.
The minister was accompanied by officials from Nigeria and Benin.
The former sports minister emphasised the pressing need for both governments to secure a competent core investor or consider selling Nigeria’s equity in the company.
Established in 1975, the Savé Sugar Company has faced a series of challenges, especially following the exit of its last management team, Compliant of China, in May 2023.
This came after the expiration of a 20-year lease agreement, leaving the facility in a deplorable state.
Despite a damning joint assessment report in 2021, which recommended the sale of Nigeria’s equity, the previous Nigerian administration declined this advice, opting to seek a new investor following the lease’s expiration.
However, he warned that without decisive action, the company risks becoming completely obsolete. His visit marked the first time a Nigerian Cabinet official responsible for the industry has visited the plant.
“This is not just about sugar; it is about livelihoods, partnerships, and the shared future of our nations,” Enoh said. He stressed that both countries must act swiftly to secure a new investor or else face the possibility of divesting Nigeria’s share in the company, as recommended in the 2021 report.
Enoh’s visit serves as a wake-up call, with an urgent appeal for both governments to move beyond meetings and engage in concrete actions to ensure the survival and revival of the Savé Sugar Company.
The next steps, according to the Minister, will include an intensified search for a viable core investor or revisiting the option of selling Nigeria’s stake if no suitable investor is found shortly.
The Savé Sugar Company’s revival is seen as critical not just for economic reasons but for the broader partnership between Nigeria and Benin Republic, with the potential to benefit both nations in terms of employment and industrial growth.
