National Sugar Development Council (NSDC) is repositioning Nigeria’s sugar sector as one of the country’s most compelling industrial investment opportunities, anchored on a $1 billion EPC-plus-finance partnership with SINOMACH of China, a N10 billion Sugar Project Acceleration Fund established with the Bank of Industry, and a significantly strengthened accountability regime under the Backward Integration Programme (BIP).
Executive Secretary and Chief Executive Officer, National Sugar Development Council (NSDC), Kamar Bakrin, said this when he received members of the Abuja Chapter of the Chartered Institute of Directors (CIoD) who visited the NSDC headquarters in Abuja.
Bakrin said Nigeria consumes about 1.8 million metric tonnes of sugar annually, with an estimated $1 billion flowing each year to foreign producers.
He said the council views this situation not as a deficit to be lamented, but as a ready-made domestic market waiting to be recaptured by Nigerian producers — value that the Nigeria Sugar Master Plan (NSMP) 2.0 is designed to retain within the national economy in the form of jobs, rural incomes, foreign exchange savings and industrial capacity.
