Nigeria’s Private Sector Investments in Sugar Sector Hit N500 Billion

Nigeria has attracted and commenced the implementation of over N500billion private sector investments in the sugar sector under the Nigeria Sugar Master Plan.

The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, who disclosed this at the 2014 Sugar Forum in Lokoja, Kogi State on Thursday, noted that the investments cut across 11 states of the federation – Oyo, Ondo, Ogun, Adamawa, Kogi, Taraba, Jigawa, Kwara, Niger, Kebbi and Sokoto states.

He said, within two years of the implementation of the NSMP, sugar prices had nosedived to an all-time low, while refining sugar capacity utilisation had moved up from 60 per cent to 75 per cent.

The minister listed the interventions in the sugar sector under the administration of President Goodluck Jonathan to include trade instruments, “which give domestic products access to the local markets; and the N2bn Agricultural and Infrastructure Support Fund set aside at the Bank of Agriculture for investors in Government’s Backward Integration Programme.”

Aganga said that the Federal Government had also created a N10bn funding pool, managed by the Bank of Industry, with a N5bn matching fund by the National Sugar Development Council, among other intervention measures.

While reiterating that imported packaged sugar remained banned, he said, “So far, significant progress has been made in the sugar sector as a result of Government’s policies. We are proud of what we have achieved so far, but more excited about what we can achieve as we go ahead. The momentum we have achieved in the sugar sector is irreversible. We have started a journey that is difficult to reverse.

“The NSMP was developed as a core component of the Nigeria Industrial Revolution Plan to fundamentally transform the sugar sector to create jobs, generate wealth and enhance economic growth. We’re gradually realising the targets under the plan. “

The minister added, “The case to develop the sugar sector in Nigeria is clear, and the sugar master plan is our roadmap. By implementing a full scale sugar programme, Nigeria can produce over five million metric tonnes of sugarcane, which far exceeds the current domestic production of about 1.3 million metric tonnes per year.

“This means that, not only can we produce enough sugar for consumption, we can in fact become a net exporter into the sub-region and the wider international markets. Under our current programme, we are on track to producing 1.7 million tonnes by year 2020, and to exceed this afterwards This is the first President that has had the vision and courage to embark on this journey of diversification.”

Speaking at the Forum, the Executive Secretary, NSDC, Dr. Latif Busari, called on importers of banned packaged sugar to come and produce in Nigeria under the NSMP, noting that this would create jobs for Nigerians and grow the economy.

While commending President Jonathan and the Minister of Industry, Trade and Investment for their foresight and courage with respect to the implementation of the NSMP, he said, “The implementation of the Nigeria Sugar Master Plan has been very successful so far; we will therefore not allow anything to derail the process. Imported packaged sugar remains banned.”

SOURCE: Vanguard Online.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.