NSDC Seeks $1bn Investment to Boost Nigeria's Sugar Industry

The National Sugar Development Council (NSDC) is targeting a $1bn investment to enhance Nigeria's sugar industry and reduce the country's reliance on sugar imports, which currently costs about $1bn annually. Mr Kamar Bakrin, the Executive Secretary/CEO of NSDC, announced this initiative during a courtesy visit from the Abuja Chapter of the Chartered Institute of Directors at the NSDC headquarters in Abuja.

The plan includes a $1bn engineering, procurement, and construction-plus-finance agreement with SINOMACH of China and a N10bn Sugar Project Acceleration Fund established with the Bank of Industry. The Nigeria Sugar Master Plan 2.0 aims to increase local sugar production to about two million metric tonnes.

Bakrin emphasized that the sector's challenges stem from poor implementation rather than a lack of policy. The NSDC's strategy also focuses on the broader industrial use of sugarcane and involves smallholder farmers through the Sugarcane Outgrower Development Programme.

Financing challenges will be addressed through the new fund and partnerships with Afreximbank and the Nigeria Governors’ Forum.