NSDC Invites Investors To Nigeria’s $7bn Sugar Market

The executive secretary and CEO of the National Sugar Development Council (NSDC), Kamar Bakrin, has urged both local and foreign investors to seize the growing opportunities in Nigeria’s sugar industry. He said with a $2 billion domestic market and access to a $7 billion export market across Africa, now is the ideal time to invest.

Speaking at a media briefing in Lagos, Bakrin explained that Nigeria’s sugar demand is about two million metric tonnes per year, making local production both viable and highly profitable. “The economics are compelling,” Bakrin noted, citing the high Net Present Value (NPV) and Internal Rate of Return (IRR) achievable within the industry. The recent currency exchange rate fluctuations, he added, have further tilted the scales in favour of local production over imports.

Bakrin emphasised that the government is committed to supporting investors, with incentives in place under the Backward Integration Plan (BIP). He assured potential investors of secure land access, available financing tailored to business needs, and global expertise to back local projects.

To ensure that the industry’s growth benefits all stakeholders, Bakrin introduced a host community integration model. This approach requires companies to reserve a portion of their investments for community development projects like schools, clinics, and roads. Additionally, a portion of managerial job roles are designated for locals, strengthening ties between sugar operations and host communities.

Bakrin, who was appointed by President Bola Tinubu last October, outlined his vision for achieving national self-sufficiency in sugar within the next eight years. He declared 2025 as the “Year of Acceleration” for Nigeria’s sugar industry, with plans to boost production capacity through new funding, expansion of commercial sugarcane farming, and improvements in workforce training and seed development.

With a focus on high-value sugar-based by-products like ethanol and bioplastics, the NSDC chief says he sees a lucrative future for investors in Nigeria’s sugar industry, driven by both strong domestic demand and vast export potential across Africa.