NSDC and BOI introduce N10bn fund to boost sugar industry
The National Sugar Development Council (NSDC) and the Bank of Industry (BOI) have launched the Sugar Project Acceleration Fund to support new sugar projects in Nigeria. The initiative aims to provide financing and development support for greenfield projects, helping to build a more competitive and sustainable sugar sector. Kamar Bakrin, Executive Secretary of the NSDC, emphasized that capital alone is not enough and that projects must meet rigorous standards to qualify. The fund will also focus on skills development and capacity building for potential beneficiaries.
TLDR
- The NSDC and BOI have set up a N10bn fund to accelerate sugar industry growth in Nigeria.
- The Sugar Project Acceleration Fund targets greenfield projects and aims to create a pipeline of investor-ready sugar ventures.
- Kamar Bakrin highlighted the importance of thorough project preparation, including feasibility studies and strong management teams.
- Hadiza Shuaib from BOI stated the bank will manage the fund, overseeing credit appraisal, risk management, and loan disbursement.
- Only businesses involved in sugar or sugar-related activities are eligible, with a focus on both financing and skills development.
