Sugar sector attracts over N200b investments – FG | Dailytrust

Sugar sector attracts over N200b investments – FG

Executive Secretary NSDC, Mr Zacch Adedeji
Executive Secretary NSDC, Mr Zacch Adedeji

The sugar sector has attracted investments well over N200 billion through the faithful implementation of the Backward Integration Programme.

The federal government, through the National Sugar Development Council (NSDC), is implementing a 10-year blueprint designed for the sugar sector, known as the Nigerian Sugar Master Plan (NSMP).

Executive Secretary, National Sugar Development Council (NSDC), Mr Zacch Adedeji, disclosed this Monday during the 2021 edition of the annual NSDC media parley held at Sugar Council Headquarters, Abuja.

Adedeji said, “I am delighted to state here that seven years into the implementation of the policy and three more years to go, the sector has attracted investments well over N200 billion through the faithful implementation of the Backward Integration Programme, even as more investors have expressed their willingness to commit their resources to the sector.

“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.

“A workforce of about 20,000 employees would be engaged to drive the company towards optimum production and ensure 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 state 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.”

Dear Reader,
Every day, we work hard to provide readers such as you with the most accurate, up-to-date, and comprehensive information. Quality journalism costs money. Today, we're asking that you support us to do more. Your support means that Daily Trust can keep offering journalism to everyone in the world. Sign up for as little as N1,000 to become a member. Learn more about our membership here

Bank transfers can be made to:
Zenith Bank
1017257739
Media Trust Ltd


Please send details of your bank transfer to the email or Whatsapp number below so that we can contact you.

If you have any questions, please let us know.

Inquiries:
Email: membership@dailytrust.com
Whatsapp: +234 806 990 3410