Economy
FG to Save $56m From Sugar Production
- FG to Save $56m From Sugar Production
By reducing importation and increasing local production of sugar, the Federal Government will save at least $56 million in foreign exchange per year, the National Sugar Development Council has said.
Dr. Latif Busari, the Executive Secretary, National Sugar Development Council, disclosed this during a meeting on the activities of the agency with the Minister of Industry, Trade and Investment, Richard Adebayo.
He said the new sugar policy has helped create job and enhance industrialisation.
According to Busari, the agency plan to create a total of 114,000 jobs and produce about 1.7 million tonnes of sugar per year.
He further stated that 99.8 percent of the current sugar production in Nigeria is controlled by three major operators, Dangote Sugar Industry, BUA International Group, and Golden Sugar Company.
Mr. Adebayo, the new minister, said the Federal Government will continue to support genuine investors and other key players in the industry.
This, he said would boost production and deepen domestic use of the commodity.