Finance
Nigeria Sugar Master Plan Attracts $3bn Investment in 10 Year
No less than five big investors including Dangote and BUA have keyed into the backward Integration Programme component of the Nigeria Sugar Master Plan
The Executive Secretary, National Sugar Development Council (NSDC), Mr Zacch Adedeji disclosed that the faithful implementation of the Nigeria Sugar Master Plan (NSMP) has brought about more than $3 billion in investment into Nigeria’s sugar sub-sector.
According to the Executive Secretary, no less than five big investors including Dangote and BUA have keyed into the backward Integration Programme component of the Nigeria Sugar Master Plan. The secretary noted that the participation of the five big investors has opened the door for more employment opportunities.
Investors King understands that the Nigeria Sugar Master Plan (NSMP) has four major objectives which are for Nigeria to attain self-sufficiency in sugar production, stem the rising tide of sugar importation, create job opportunities for Nigerians and the generation of electricity and production of ethanol for industrial purposes
While emphasising the strategic role the sugar sector plays in the economic diversification agenda of the federal government especially as it relates to agriculture, Adedeji noted that the sector through the BIP operators has provided job opportunities for thousands as factory engineers, irrigation experts, plant operators, technicians, laboratory technologists among other professionals offering direct or indirect labour.
He said “the sugar sector today has five operators who have signed onto the Backward Integration Programme of the Nigeria Sugar Master Plan. The companies are Dangote Sugar Refinery, BUA Sugar Refinery, Golden Sugar Refinery, KIA Africa Group and the latest being the Saro Africa Group”.
Meanwhile, the federal government has sought the support of governors of sugar-producing states in the country to revitalise the sugar sub-sector and implement Phase II of the Nigeria Sugar Master Plan, saying the plan required the input of all critical stakeholders to succeed.
While commending the forum of governors of sugar-producing states for creating a safe and enabling environment for sugar operators, the federal government through the National Sugar Development Council (NSDC) revealed that it plans to increase sugar production from 1.7 million metric tonnes to 1.8 million metric tonnes per annum in the next 10 years.