The National Sugar Development Council (NSDC) on Monday disclosed that the implementation of the Nigerian Sugar Master Plan (NSMP) which commenced seven (7) years ago has attracted investment worth N200 billion into the sector in Nigeria.
Speaking to newsmen in Abuja, the Executive Secretary of NSDC, Mr Zacch Adedeji stated that “seven years into the implementation of the policy and three more years to go, the sector has attracted investments worth over N200 billion through the faithful implementation of the Backward Integration Programme”.
He said the sugar industry is on the path of growth as more investors have expressed their willingness to commit their resources to the sector.
“Only recently a new investor, KIA Group Africa completed the process of acquiring the defunct Nigeria Sugar Company (NISUCO) in Bacita, Kwara state and has since commenced work.
“The KIA Group now joins existing industry players like the Dangote Group, BUA Group and the Flour Mills to drive the BIP component of the NSMP.
“The KIA Group, which is the latest investor on board, has set its eyes on producing at least 300,000 metric tonnes of sugarcane, refining an estimated 204,000 metric tonnes of the sweet commodity, and generating N46 billion revenue by 2027.
“A workforce of about 20,000 employees would be engaged to drive the company towards optimum production and ensure the economic growth of the country. Also, another major player in the industry, Flour Mills Nigeria Limited recently signed a multi-millionaire agreement with the Nigerian state government to build a factory in Toto, Nasarawa state.
“The new project is in addition to the company’s N50 billion Golden Sugar estate in Sunti Niger state which was commissioned in 2018 by President Muhammadu Buhari” he noted.
Adedeji further said the Federal Government, “through the National Sugar Development Council is committed to building a globally competitive sugar industry that would boost the local economy, provide jobs for Nigeria’s teeming youth population and position Nigeria as a net exporter of the commodity.
“We at the Council aren’t resting on our oars in our resolve to revitalize the nation’s sugar sector as we have continued to come up with sound measures and strategies that would accelerate our drive to attain sugar self-sufficiency”.
The Executive Secretary stated that NSDC is working tirelessly to resolve all challenges facing operators of BIP in the Sugar sector.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
Buhari Urges MTN For Quality Service, Downward Price Review In Cost Of Data, Other Services
President Muhammadu Buhari Friday at State House Abuja urged the MTN Group to make the available top-of-the-range service to its Nigerian subscribers… Nigerian sugar master plan attracts N200bn investment in 7 years Nigerian sugar master plan attracts N200bn investment in 7 years Nigerian sugar master plan attracts N200bn investment in 7 years Nigerian sugar master plan attracts N200bn investment in 7 years.