$3.5bn Investment Targets: Federal Govt Plans Sugar Master Plan Phase II

In an effort to propel Nigeria’s sugar industry towards self-sufficiency and economic growth, the federal government is gearing up to introduce Phase II of the Nigeria Sugar Master Plan (NSMP).

This pivotal development was announced by the executive secretary of the National Sugar Development Council (NSDC), Kamar Bakrin, during a recent convening of the Sugar Industry Monitoring Group (SIMOG) held in Abuja.

The impending launch of Phase II underscores the unwavering commitment of President Tinubu to bolster industrialisation, job creation, and domestic sugar production. Mr. Bakrin highlighted the ambitious targets set for Phase II, including the production of 2 million metric tons of sugar, the generation of 400 MW of electricity, and the creation of 110,000 jobs nationwide. However, achieving these targets necessitates substantial investments estimated at $3.5 billion, alongside securing between 200,000 to 250,000 hectares of suitable land.

During the gathering, Bakrin elucidated on the implementation roadmap for Phase II, emphasising the imperative for industry operators to uphold their commitments.

He assured stakeholders that the NSDC is fully committed to playing a pivotal role in advancing sector development to elevate the industry to unprecedented heights. Integral to the success of Phase II is the establishment of a robust monitoring framework to ensure accountability and facilitate timely adjustments to optimise outcomes.

Moreover, Bakrin underscored the significance of amending the NSDC Act to provide requisite support for sector growth and instil confidence among investors. The NSMP, launched by the federal government in 2012, serves as a strategic blueprint for the development of the sugar sector, aimed at fostering a conducive policy environment for implementation. The policy framework incentivises investments in domestic production through backward integration programs and offers tax incentives to investors. In attendance at the SIMOG meeting were representatives from leading sugar manufacturing companies, including Ravindira Singhvi of Dangote Sugar Refinery, Temitope Hassan of Dangote Sugar Refinery, Ayodele Abioye of BUA Foods, Abdulrasheed Olayinka of BUA Foods, Labaran Saidu of BUA Foods, Sadiq Usman of Flour Mills, Oluwakemi Ashiru of Flour Mills, Onome Okurah of Flour Mills, Cosmos Ikhupria of KIA Africa, Inem Eyiho of KIA Africa, Owoniyi Babatunde of KIA Africa and Mrs. Mam Odofin of KIA Africa.