The Federal Government has unveiled a $7.1bn, 10-year investment programme aimed at boosting Nigeria’s annual sugar production beyond two million metric tonnes, saving $2.1bn in foreign exchange and creating 110,000 direct and indirect jobs.
The initiative, driven by the National Sugar Development Council (NSDC), will establish 10 new sugar estates with a combined capacity of 835,000 metric tonnes annually, alongside expansions by existing operators and improved performance from established mills.
Speaking in Abuja, NSDC Executive Secretary and CEO, Kamar Bakrin, said Nigeria had repeatedly failed to meet past sugar production targets but stressed that the new programme was built on concrete interventions.
“We import almost all the sugar we consume. Plants have been launched and relaunched. Targets have come and gone. What is different today is that we’re no longer debating why this has been the case. The diagnosis is done,” Bakrin said.
The plan requires $5bn in debt financing and $2.1bn in equity contributions from project promoters. Funding sources include export credit agencies, development finance institutions, and local lenders.
The NSDC has already signed a $1bn agreement with Chinese group Sinomach for engineering, construction, and financing.
Projects will span eight states, Niger, Kwara, Oyo, Kaduna, Jigawa, Bauchi, Nasarawa, and Adamawa covering over 143,000 hectares of secured land. Each estate will also generate ethanol and electricity, diversifying revenue streams beyond sugar sales.
The programme further targets 1.22 million tonnes from existing operators and 100,000 tonnes from improved mill performance, pushing total output above domestic demand of 1.8 million tonnes.
Smallholder farmers will also play a role, with 11,000 hectares of cane earmarked to supply mills.Bakrin emphasized that the NSDC would monitor progress through inspections and satellite technology, insisting that results would be measured by tangible outputs in production, financing, and sustainability.
Beyond reducing imports, the programme is expected to impact over one million livelihoods, double GDP in host communities within a decade, and cut carbon emissions by two million tonnes annually.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com