The National Sugar Development Council has revealed that the second phase of Nigera Sugar Master Plan (NSMP) is targeted at boosting production up to two million metric tons annually which requires an investment of about $5 billion.
Executive Secretary of the Council, Mr. Kamar Bakrin made the disclosure in Abuja when during a visit by the leadership of the Abuja Chamber of Commerce and industry (ACCI) led by its President, Barr. Emeka Obegolu, while seeking collaboration of the ACCI to rally private sector players to invest in the sector.
He said, “The NSMP is a ten-year blueprint geared towards self-sufficiency in sugar production. The target is for us to be able to produce 2 million metric tons of sugar annually, which covers the current annual consumption of about 1.8 million tons. It is important to look at how potentially the ACCI can also key into different aspects of the several critical pillars we have identified to execute this plan.
“Then there is also the mobilisation of the right kind of funding. We estimate that the sector requires about $5 billion. So, one of the key roles of the council is to facilitate the mobilisation of the funding required, both in terms of equity as well as project finance or debt,” Bakrin said.
Speaking earlier, the ACCI president said they were in the Council to seek partnership and collaboration that will add value to the mandate of the NSDC.
