Nigeria disburses N3.9bn to boost sugar production
London, Dec 20, 2018 (AltAfrica)-The National Sugar Development Council has approved the disbursement of about N3.9bn out of the National Sugar Development Fund to boost local sugar production.
The disbursement is part of efforts aimed at effectively implementing the Nigeria Sugar Master Plan.
The Federal Executive Council had at its 37th meeting held on September 19, 2012, approved the NSMP for implementation and adoption as government strategy road map for the development of the sugar sub-sector.
The plan contains fiscal and investment-specific incentives designed to stimulate and attract new investors to the industry in order to increase local sugar production and reduce the nation’s precarious dependence on imports.
Speaking on the implementation of the plan, the Executive Secretary, Nigeria Sugar Development Council, Dr Latif Busari, stated that the agency had been able to grow the National Sugar Development Fund to about N12bn since 2013.
He said out of the amount, N8.8bn was domiciled with the Bank of Industry while the balance of N3.2bn was with the Bank of Agriculture.
He said from the N8.8bn with the BoI, about N2.4bn had been disbursed to finance a sugar project in Goronyo in Sokoto State.
The project, according to him, is expected to deliver 3,000 tonnes of sugar per annum for the country.
He said from the N3.2bn with the Bank of Agriculture, the sum of N1.5bn had been disbursed to finance infrastructure project in the sugar industry.
He expressed optimism that with the faithful implementation of the sugar master plan, the government would achieve its objectives of job creation and attraction of investment into the sector.