The Executive Secretary of the National Sugar Development Council (NSDC) of Nigeria, Kamar Bakrin, has stated that Nigeria requires $5 billion investment in the sugar sector to achieve self-sufficiency.
He also revealed that Nigeria produces 48,000 metric tonnes of sugar annually and consumes about 1.8 million metric tonnes, representing a shortfall of about 1.75 million metric tonnes.
Bakrin argued against the imposition of a sugar tax in the country, stating that Nigeria has no excess sugar consumption problem as it only consumes 9kg per capita sugar annually; nevertheless, it has a large population.
Speaking at a one-day media interactive session in Lagos, Bakrin said, Nigeria’s sugar industry is a $2 billion local production market, which is still growing, and will require a $5 billion investment if it must expand to its full capacity.
According to him, “The biggest producer of sugar around the world, by far the number one producer of sugar in the world, is Brazil with 41 million metric tons, followed by India and Thailand with 36 million and 14 million metric tons respectively.
