Nigeria's NSDC Targets $1bn Forex Savings and 110,000 Jobs

Nigeria is targeting annual foreign exchange savings of $1 billion and the creation of 110,000 direct jobs through domestic sugar production. Mr Kamar Bakrin, the executive secretary and chief executive officer of the National Sugar Development Council (NSDC), announced this at the 32nd Nigerian Economic Summit in Abuja.

He attributed the improved prospects for self-sufficiency in sugar production to President Bola Tinubu’s macroeconomic reforms. Bakrin emphasized the need for consistent government policies to sustain investment in the sugar and non-alcoholic beverage industries.

The Nigeria Sugar Master Plan (NSMP) 2.0 aims to reduce dependence on imports while expanding domestic processing and sugarcane cultivation. The projected jobs will primarily be in rural areas through sugar estates and processing mills.

Bakrin noted that brownfield investors plan to produce 1.22 million metric tonnes of sugar annually by 2030, ahead of the 2032 timeline. He urged stakeholders to support local sugar production and warned that uncertainty in policies could undermine investments.