NSDC and BOI Launch N10bn Fund for Sugar Projects

The Nigerian Sugar Development Council (NSDC) and the Bank of Industry (BOI) have introduced a N10 billion fund to support the development of greenfield sugar projects across Nigeria. This initiative is part of efforts to enhance the competitiveness of the sugar industry in the country.

Kamar Bakrin, the Executive Secretary and Chief Executive Officer of NSDC, emphasized that while the capital is available, it does not automatically translate to increased sugar production unless projects are bankable. He noted that credible feasibility studies addressing agronomic, water balance, infrastructure requirements, and social and environmental risks are essential for accessing the fund.

Hadiza Shuaib, leading the BOI team, highlighted the bank's role in managing the fund, which includes credit appraisal, risk management, loan disbursement, and monitoring. The fund aims to not only provide financial support but also to develop skills alongside the projects.

Eligible businesses in the sugar sector can benefit from this initiative, which is designed to create a credible pipeline for financing sugar projects in Nigeria.