NSDC and BOI Launch N10 Billion Fund for Sugar Projects

The Nigerian Sugar Development Council (NSDC) and the Bank of Industry (BOI) have established a N10 billion fund named the Sugar Project Accelerated Fund (SPAF) to support the development of greenfield projects in Nigeria's sugar industry. This initiative is part of efforts to promote viable projects and enhance the competitiveness of the sugar sector.

During an interactive session, Mr. Kamar Bakrin, the Executive Secretary and CEO of NSDC, emphasized the importance of capital availability for serious projects, noting that financing institutions must manage the billion-dollar agro-industry effectively.

Ms. Hadiza Shuaib, leading the BOI team, outlined the bank's role in managing the fund, which includes credit appraisal, risk management, loan disbursement, monitoring, evaluation, and account closure upon full repayment.

She highlighted that beyond financial support, there is a strong emphasis on skill development and capacity building to ensure sustainable outcomes. The session included participation from various stakeholders in the sugar industry.