The National Sugar Development Council (NSDC) has said the implementation of the Nigerian Sugar Master Plan (NSMP), which commenced seven years ago, has attracted about N200 billion worth of investments into the sector.
Specifically, the Executive Secretary of NSDC, Mr Zacch Adedeji, disclosed the development at a media parley in Abuja on Monday.
According to Adedeji, the sugar industry is on the path of growth as more investors have shown willingness to commit their resources to the sector.
He said, “Seven years into the implementation of the policy and three more years to go, the sector has attracted investments worth over N200 billion through the faithful implementation of the Backward Integration Programme.
“Only recently a new investor, KIA Group Africa completed the process of acquiring the defunct Nigeria Sugar Company (NISUCO) in Bacita, Kwara state and has since commenced work.
“The KIA Group now joins existing industry players like the Dangote Group, BUA Group and the Flour Mills to drive the BIP component of the NSMP.
“The KIA Group, which is the latest investor on board, has set its eyes on producing at least 300,000 metric tonnes of sugarcane, refining an estimated 204,000 metric tonnes of the sweet commodity, and generating N46 billion revenue by 2027.”
Also, Adedeji noted that a workforce of about 20,000 employees would be engaged to drive Kia Group towards optimum production and the economic growth of the country.
“Also, another major player in the industry, Flour Mills Nigeria Limited recently signed a multi-millionaire agreement with the Nigerian government to build a factory in Toto, Nasarawa state.
“The new project is in addition to the company’s N50 billion Golden Sugar estate in Sunti Niger state which was commissioned in 2018 by President Muhammadu Buhari,” he added.
Furthermore, the NSDC boss said the Federal Government through the council is committed to building a globally competitive sugar industry that would boost the local economy, provide jobs for Nigeria’s teeming youth population and position the country as a net exporter of the commodity.
Mr Zacch Adedeji National Sugar Development Council (NSDC) Nigerian Sugar Master Plan (NSMP)
