Nigeria’s Minister of State for Industry, Trade, and Investment, John Enoh, has announced that the Nigerian government may consider selling its equity stake in the Savé Sugar Company if efforts to find a suitable investor to revive the struggling facility do not materialise.
Enoh stated 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.
His visit marked the first time a Nigerian minister has visited the facility since its inception in 1975, underscoring the importance of the venture to both nations.
He said the Savé Sugar Company, once a significant contributor to the economies of both Nigeria and Benin, has suffered from years of mismanagement and neglect, adding 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 revitalize 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.
However, the minister also referenced 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.
The minister further 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 added.
Enoh’s visit also included a meeting with Benin Republic’s Minister of Commerce and Industry, Shadiya Assouman, 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.”
