The Nigerian Federal Government is gearing up to reveal Phase II of the Nigeria Sugar Master Plan (NSMP), with anticipated investments ranging from three to five billion dollars.
Kamar Bakrin, the Executive Secretary of the National Sugar Development Council (NSDC), affirmed that this initiative aligns with the President’s dedication to achieving the NSMP’s objectives of attaining self-sufficiency in sugar production, fostering job creation, and advancing industrialization.
During a gathering of the Sugar Industry Monitoring Group in Abuja, Bakrin highlighted that the plan is aimed at achieving a minimum production capacity of 2 million metric tons of sugar, generating 400 MW of electricity, and fostering the creation of 110,000 jobs throughout the entire value chain nationwide.
Bakrin further elaborated that NSMP II necessitates between 200,000 and 250,000 hectares of suitable land and an estimated investment of $3.5 billion.
He also emphasized the Council’s endeavor to amend the NSDC Act to adequately support sectoral growth and instill confidence among investors.
Initiated in 2012, the Nigeria Sugar Master Plan (NSMP) is a governmental policy designed to catalyze domestic production by incentivizing investment in the industry through backward integration programs and tax benefits.
The Sugar Industry Monitoring Group (SIMOG) comprises CEOs from local sugar manufacturing firms and serves as a peer review mechanism for industry developments.
RN.
