NSDC and NEXIM Partner to Transform Nigeria's $2bn Sugar Industry

The Nigerian Sugar Development Council (NSDC) and the Nigerian Export-Import Bank (NEXIM) have entered into a financing alliance to accelerate the transformation of Nigeria's $2 billion sugar industry. The collaboration, sealed through a strategic partnership, focuses on unlocking long-term development funding to drive significant changes in the country's sugar sector.

During a high-level meeting in Abuja, NSDC's Executive Secretary and CEO, Mr. Kamar Bakrin, proposed a partnership framework to facilitate the procurement, construction, and financing of economically viable sugar projects across Nigeria.

The partnership structure involves mobilizing sustainable funds to support equity mobilization, with NEXIM Bank spearheading capital mobilization through international export credit agencies and coordinating with development finance institutions. The initiative aims to attract serious investors by providing a conducive financial architecture for executing large-scale sugar projects nationwide.

The model projects are expected to generate annual foreign exchange savings of $300 million, create 50,000 jobs along the sugar value chain, and achieve a 25% import substitution within five to ten years.