The National Sugar Development Council (NSDC) has announced plans to boost Nigeria’s sugar production to two million metric tons annually as part of the second phase of the Nigeria Sugar Master Plan (NSMP). This effort will require an estimated investment of $5 billion, reports Daily Trust.
Executive Secretary of the NSDC, Kamar Bakrin, shared this information during a meeting in Abuja with the leadership of the Abuja Chamber of Commerce and Industry (ACCI), led by its President, Barr. Emeka Obegolu. The council is seeking the ACCI’s collaboration in encouraging private sector investment in the sugar industry.
“The NSMP is a ten-year plan aimed at achieving self-sufficiency in sugar production. Our goal is to produce two million metric tons of sugar each year, which matches the country’s current annual consumption of about 1.8 million tons,” Bakrin explained. He also emphasized the importance of the ACCI’s involvement in supporting key areas of the plan.
Bakrin highlighted the need for significant funding to achieve this goal, estimating that around $5 billion will be required. “One of the council’s key responsibilities is to help secure this funding, whether through equity or project financing,” he added.
In response, ACCI President Barr. Emeka Obegolu expressed the chamber’s interest in forming a partnership that would help the NSDC achieve its objectives and contribute to the development of the sugar sector.
