The National Sugar Development Council has unveiled plans to attract $5 billion to Nigeria’s sugar industry by 2025. The chairman revealed this at a retreat held for members of the Federal House of Representatives Committee on Industry in Calabar, River State, reports The Nigerian Tribune.
Bakrin reaffirmed the Council’s commitment to making Nigeria self-sufficient in sugar production. He outlined a detailed strategy for rapid sugar industry development in 2025, which was shared with the House of Representatives members. However, Bakrin noted that for the 2025 plans and the goals of the Nigeria Sugar Master Plan (NSMP) II to succeed, certain legal obstacles must first be addressed.
“Our focus in 2024 has been on resetting the agenda and aligning the industry with the high expectations of Nigerians. For us, 2025 is the year of acceleration. This is necessary due to our economic challenges and the immense potential we see in sugarcane cultivation and processing,” he said.
Bakrin highlighted the Council’s key priorities for 2025, including speeding up project development, facilitating $5 billion in investments, preparing priority greenfield projects for investment, and strengthening NSDC’s capacity to develop the sugar sector. He also mentioned initiatives planned for 2025, such as amending the NSDC Act to fix issues caused by conflicting policies and protect the market.
“This amendment is crucial, as it’s a common concern raised by current and potential investors. As always, we will rely on the House Committee’s guidance and support to make this happen in 2025,” Bakrin said.
He addressed the challenges that have hindered investment in the sector, including the viability of sugar production in Nigeria and how to fully capitalize on sugarcane processing. Bakrin emphasized the need to reposition the NSDC as a world-class development agency, not just a regulator.
In association with investors and other stakeholders, the NSDC now rethinks the strategy of the NSMP II so that it might reach the objectives of self-sufficiency in sugar production, competitiveness at the international levels of its sector, and cost leadership within Africa. On the way, it aims for an inclusive and sustainable sugar industry.
According to Bakrin, the objectives will be pursued through seven critical actions: ensuring that sugarcane be farmed on suitable land, developing in collaboration with financially capable investors, attracting the right kind of capital for the long-term sugar business, advancing research and development, optimizing the product mix for better profitability, reducing investment risk in the sector, and encouraging sustainable farming and factory practices to enhance the local community benefits.
Bakrin further informed that NSDC has initiated programs which are supposed to augment technical and managerial capabilities and upgrade research and development at the National Sugar Institute (NSI).
