NSDC, ACCI partner for $5bn sugar master plan investments

The National Sugar Development Council has revealed that the second phase of the Nigeria Sugar Master Plan (NSMP) is targeted at boosting production up to two million metric tons annually which requires an investment of about $5 billion.

Kamar Bakrin, Executive Secretary of the Council, disclosed in Abuja when during a visit by the leadership of the Abuja Chamber of Commerce and Industry (ACCI) led by its President, Emeka Obegolu.

He said, “The NSMP is a ten-year blueprint geared towards self-sufficiency in sugar production. The target is for us to be able to produce 2 million metric tons of sugar annually, which covers the current annual consumption of about 1.8 million tons.  It is important to look at how potentially the ACCI can also key into different aspects of the several critical pillars we have identified to execute this plan.

“Then there is also the mobilization of the right kind of funding. We estimate that the sector requires about $5 billion. So, one of the key roles of the council is to facilitate the mobilization of the funding required, both in terms of equity as well as project finance or debt,” Barkin said.

Speaking earlier, the ACCI president said they were in the Council to seek partnership and collaboration that will add value to the mandate of the NSDC.

In June, the Executive Secretary of NSDC said the recent reforms in the sugar sector targeted the production of two million metric tonnes by 2032.

According to him, the country’s drive for self-sufficiency in sugar production was the most important element of the second phase of the Nigeria Sugar Master Plan (NSMP II) and a top priority for the council.

Speaking in an interview with the Commerce and Industry Correspondents Association of Nigeria (CICAN), he said, the initiative will not only enhance the nation’s self-sufficiency in sugar production but also create substantial employment opportunities, fostering economic growth and development across the country.

Barkin said that based on the mandate and new targets given to major sugar operators by the council, the council had embarked on an aggressive expansion that will create high-paying jobs for Nigerians in the coming months.

He said the economic impact from the current expansion drive would be significant for the economy, pointing out that the council has identified 14 new greenfield sites, ranging from 6,000 to 18,000 hectares, across the sugarcane belt, with high viability for sugar production. He said these sites had not been previously cultivated and required further evaluation to determine their full viability.

The NSDC boss also disclosed that through some regulatory interventions by the council, sugar operators had agreed to pool resources towards the development of host communities, a move that would further tackle current hostilities towards the operations.