The National Sugar Development Council (NSDC) and the Bank of Industry (BoI) have established the Sugar Project Acceleration Fund (SPAF) as part of efforts to support the emergence and advancement of greenfield projects across the country.
The N10 billion fund was introduced to provide financing and project development support to viable greenfield projects towards accelerating the development of a sustainable and competitive sugar industry.
The council hosted an interactive session during which NSDC and BoI educated greenfield promoters who are potential beneficiaries of the Fund.
Executive Secretary and Chief Executive Officer, National Sugar Development Council (NSDC), Kamar Bakrin, said the fund would address critical gaps in financing for the sugar sector development.
According to him, SPAF is a structured pre-investment facility established to provide qualifying project promoters with the technical, financial, and advisory support required to develop their projects to bankable standard.
He said SPAF is not a grant programme but a rigorous, output-oriented facility with clear eligibility criteria, defined deliverables, and an explicit objective to build a credible, investor-ready pipeline of Nigerian sugar projects that can absorb the financing we are working to mobilise.
