Nigeria may sell stake in Savé sugar company, says Enoh

Minister of State for Industry, Trade, and Investment, John Enoh, has said that Nigeria may consider selling its stake in the Savé Sugar company.

Enoh disclosed that the government made efforts to find a suitable investor to revive the struggling facility.

The minister said this in a statement on Wednesday, following his visit to the sugar production facility in Cotonou, Benin Republic, which has faced severe decline since the exit of its last managers in May 2023.

He said that the Savé Sugar Company, once a significant contributor to the economies of both Nigeria and Benin, has suffered from years of mismanagement and neglect.

The minister added that the situation worsened after the expiration of a 20-year lease agreement with the Chinese company, Compliant of China, in May 2023.

During his inspection, Enoh noted the urgency of finding a new core investor to revitalise the company.

“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,” Enoh said.

The minister recalled the findings of a 2021 joint assessment report, which recommended the sale of Nigeria’s equity in the facility if a viable investor could not be found.

“Where that is not feasible, the recommendation of the 2021 joint assessment report which submits to the selling of our equity in the company will be brought to the table for possible consideration. Action starts today,” he said.

He emphasised that reviving the Savé Sugar Company is not only about restoring the sugar industry but also about securing livelihoods and fostering deeper partnerships between Nigeria and Benin.

“This is not just about sugar; it is about livelihoods, partnerships, and the shared future of our nations,” Enoh said.

Enoh met with the Benin Republic’s Minister of Commerce and Industry, Shadiya Assouman, during the visit, who welcomed the Nigerian delegation and described the visit as “a historic moment.”

Assouman highlighted the significance of the bilateral relationship between the two countries, noting that “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.”