*Kamar Bakrin, Executive Secretary, National Sugar Development Council, in Nigeria, discloses the country’s target is to make a major investment opportunity in the industry, and produce about two million metric tonnes of sugar locally
Isola Moses | ConsumerConnect
The National Sugar Development Council (NSDC) has unveiled plan to turning Nigeria’s sugar sector into a major investment opportunity.
ConsumerConnect reports the Council disclosed the fresh investment would expand local production, and reduce the West African country’s dependence on imported sugar.
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The NSDC plan is bankrolled on a $1 billion partnership with a Chinese company, a N10 billion fund with the Bank of Industry (BoI), and stronger monitoring of sugar companies in Nigeria.
Mr. Kamar Bakrin, Executive Secretary of the Council, revealed this development when he received members of the Abuja Chapter of the Chartered Institute of Directors (IoD), in Abuja, FCT.
Bakrin explained the new agenda focuses on action and delivery, not just a policymaking exercise.
Highlighting the country’s expenditure on sugar importation, the Executive Secretary of the Council, revealed that Nigeria spends about a billion Dollars yearly, importing 1.8 million metric tonnes of sugar into the economy.
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He equally disclosed the Nigeria Sugar Master Plan 2.0 is designed to keep that money in the country by producing sugar locally, creating jobs, and saving Foreign Exchange (Forex).
Bakrin stated: “The target is to produce about two million metric tonnes of sugar locally.”
Besides, the Executive Secretary of the Council revealed that the plan for the industry goes beyond sugar.
Sugarcane can also produce ethanol, animal feed, and electricity, stated he.
Bakrin as well said the goal is to build a full bio-industrial economy around sugarcane, not just import substitution.
He said: “To enforce this, the Council will now use satellite images and field checks to make sure companies that get import quotas are actually farming sugarcane.”
BoI’s ₦10bn fund for bankable sugar projects
In regard to actual funding of the initiative, it is noted that the Council and the Bank of Industry have set up a ₦10 billion fund to prepare bankable sugar projects.
He explained the projects would access the $1 billion deal with the company for construction and financing.
According to Bakrin, SmallHolder Farmers (SHFs) will also benefit through the Sugarcane Outgrower Programme.
Stated he: “Every sugar estate must now set aside land for outgrowers and invest in schools, roads, and jobs for host communities.”
The Council, revealed how it is learning from Brazil while improving its own systems, using Six Sigma to ensure long-term results.”
Earlier, Mrs. Fatima Mede, leader of the delegation, had commended the Council’s leadership on the visible reforms it has spearheaded in the sugar industry, and the momentum towards self-sufficiency.
Mede, therefore, affirmed the Institute’s readiness to collaborate with the Council in all areas of mutual interest as part of its contribution to advancement of sugar sector.