The National Sugar Development Council (NSDC) has partnered with the Abuja Chamber of Commerce and Industry (ACCI) to mobilise $5billion in investment aimed at boosting Nigeria’s sugar sub-sector.
This collaboration marks a significant step in the NSDC’s efforts to attract the necessary funding for the implementation of its Nigeria Sugar Master Plan (NSMP).
During a meeting between NSDC executive secretary, Mr. Kamar Bakrin, and ACCI president, Barr. Emeka Obegolu, the two organisations discussed opportunities for collaboration. The goal was to attract investors and secure financing that will drive the development of sugar production in the country.
Bakrin explained that the NSMP, a 10-year blueprint currently in its second phase, was designed to make Nigeria self-sufficient in sugar production. The plan aims to produce two million metric tons of sugar annually, meeting the country’s consumption of 1.8 million tons. To achieve this, the sector requires an estimated $5 billion in funding, which the NSDC was working to secure through equity and long-term financing.
A key focus of the partnership is identifying and operationalising viable sites for sugarcane cultivation, as well as attracting credible players to invest in sugar production.
Bakrin emphasised the profitability of sugar projects and pointed to successful initiatives in other African countries like Tanzania and Senegal as examples Nigeria can emulate.
Corporate Social Responsibility (CSR) and infrastructure development were also highlighted as essential elements for sustainable growth in the sugar sector.
The NSDC boss said the agency was committed to ensuring that local communities benefit from the projects through employment and the provision of critical infrastructure like irrigation systems.
For his part, Barr. Obegolu expressed ACCI’s strong interest in partnering with the NSDC to help realise the objectives, adding that the Chamber was keen to support initiatives that will add value to Nigeria’s sugar industry.
The partnership is expected to play a key role in driving the country toward self-sufficiency in sugar production and attracting significant investment into the sub-sector.
