NSDC Launches $7.1bn Program to Boost Sugar Production

The National Sugar Development Council (NSDC) has introduced a $7.1 billion, 10-year program aimed at increasing Nigeria's annual sugar production to over 2 million metric tonnes. This initiative includes 10 greenfield sugar projects, which are expected to yield 835,000 metric tonnes of sugar annually upon reaching full capacity.

Kamar Bakrin, the Executive Secretary of the NSDC, stated that credible promoters have been identified for all projects, and 143,478 hectares of land have been secured. The program also involves optimizing existing estates and enhancing the capabilities of current operators, with a combined production capacity projected to exceed 2 million metric tonnes yearly.

Additionally, the NSDC is collaborating with farmers to increase sugarcane supply, targeting 11,000 hectares, with 7,000 hectares already identified. The funding structure includes $5 billion in debt and $2.1 billion in equity, with various sources for the debt component.

The initiative aims to address the sector's challenges and improve overall productivity.