NSDC secures $1bn investment to boost Nigeria’s sugar industry
The National Sugar Development Council is mobilising a $1bn investment pipeline to help Nigeria achieve sugar self-sufficiency. The initiative includes a major partnership with SINOMACH of China and the creation of a N10bn Sugar Project Acceleration Fund in collaboration with the Bank of Industry. Kamar Bakrin, Executive Secretary and CEO of the NSDC, highlighted the importance of strong execution and governance for the sector’s success. The council’s approach aims to retain more value in the Nigerian economy and develop a broader bio-industrial ecosystem.
TLDR
- Kamar Bakrin announced a $1bn engineering, procurement, and construction-plus-finance partnership with SINOMACH of China.
- A N10bn Sugar Project Acceleration Fund has been established with the Bank of Industry to finance feasibility studies and project preparation.
- The Nigeria Sugar Master Plan 2.0 targets local production of about two million metric tonnes of sugar.
- The NSDC is using satellite imagery and field inspections to verify sugar production activities.
- The Sugarcane Outgrower Development Programme will ensure smallholder farmers are included as co-owners in the sector’s growth.
