The National Sugar Development Council (NSDC) has announced that the second phase of the Nigeria Sugar Master Plan (NSMP) aims to boost sugar production to two million metric tons annually, requiring an investment of approximately $5 billion.
During a meeting in Abuja with the Abuja Chamber of Commerce and Industry (ACCI), led by President Barr. Emeka Obegolu, NSDC Executive Secretary Kamar Bakrin emphasized the importance of collaboration with private sector players in supporting this initiative. He stated, “The NSMP is a ten-year blueprint aimed at achieving self-sufficiency in sugar production, targeting a production level that meets the current annual consumption of about 1.8 million tons.”
Bakrin highlighted the need for adequate funding, noting, “We estimate that the sector requires about $5 billion. A key role of the council is to facilitate the mobilization of necessary funding, both in terms of equity and project finance or debt.”
The ACCI president expressed interest in partnering with the NSDC to enhance the sugar sector’s development and contribute to the council’s mandate.
