The federal government has called on local and international investors to tap into the country’s sugar market estimated at $2 billion.
Executive Secretary and CEO of the National Sugar Development Council (NSDC), Kamar Bakrin, who made the call, noted that Nigeria’s annual sugar consumption is about 1.4 to 1.6 million metric tonnes.
Bakrin said that NSDC is embarking on the investment drive with the aim of significantly reducing Nigeria’s dependence on Brazil, from where it currently imports approximately 96% of its sugar needs.
According to him, the Nigerian sugar market, valued at an estimated $2 billion, presents a profitable venture for investors due to the strong, growing demand for domestic production.
He also pointed out that local production becomes even more advantageous amid currency fluctuations that make imports costly, making the shift to domestic production economically viable.
“The economics are compelling, with high Net Present Value and Internal Rate of Return at attainable scale, and available financing that aligns with business needs,” Bakrin said.
In line with its Backward Integration Plan (BIP), the federal government is actively developing policies and incentives to support local production and reduce reliance on imported sugar.
