NSDC and BOI Launch N10bn Fund for Sugar Projects

The Nigerian Sugar Development Council (NSDC) and the Bank of Industry (BOI) have launched a N10 billion fund, known as the Sugar Project Accelerated Fund (SPAF), to support the development of viable greenfield projects in Nigeria's sugar industry. This initiative is part of efforts to promote advanced project development across the country.

During an interactive session, NSDC Executive Secretary and CEO Kamar Bakrin emphasized the importance of having projects properly structured to access financing, highlighting that the availability of capital alone will not guarantee the development of sugar production. Hadiza Shuaib, leading the BOI team, stated that the bank will manage the fund, which includes responsibilities for credit appraisal, risk management, loan disbursement, monitoring, evaluation, and account closure.

She also noted the necessity of skill development alongside financial support to ensure sustainable outcomes in the sector.