Nigeria launches $7.1bn investment plan for sugar self-sufficiency

The National Sugar Development Council (NSDC) has launched a 10-year, $7.1 billion investment programme to achieve sugar self-sufficiency in Nigeria. The initiative aims to increase annual sugar production to over two million metric tonnes, surpassing the country's current estimated domestic demand of 1.8 million metric tonnes.

The strategy involves 13 projects, including the development of 10 new greenfield sugar estates and the expansion of existing operations. The programme is expected to attract $2.1 billion in equity and $5 billion in debt financing. Key objectives include creating 110,000 jobs and saving approximately $2.1 billion in annual foreign exchange by reducing reliance on imported sugar, which currently accounts for over 97 per cent of refined sugar consumption.

NSDC Executive Secretary Kamar Bakrin stated that the initiative will integrate sugar production with ethanol manufacturing and electricity generation to enhance commercial viability. The council has already secured 143,478 hectares of land for development, with projects expected to reach a combined processing capacity of 55,500 tonnes of sugarcane daily.