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April 14, 2024

FG Moves to Launch Phase II of Nigeria Sugar Master Plan Targeting Over $3.5bn Investments

The Federal Government has begun efforts to unveil Phase II of the Nigeria Sugar Master Plan (NSMP), with anticipated investments ranging from $3 billion to $5 billion.

Kamar Bakrin, the Executive Secretary of the National Sugar Development Council (NSDC), announced this during a meeting of the Sugar Industry Monitoring Group (SIMOG) in Abuja.

Bakrin affirmed that this initiative aligns with the President’s commitment to achieving the NSMP’s objectives: self-sufficiency in sugar production, job creation, and industrial advancement.

According to the plan, the goal is to achieve a minimum production capacity of 2 million metric tons of sugar, generate 400 MW of electricity, and create 110,000 jobs throughout the entire value chain nationwide.

He 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.

AgroNigeria gathered that the Nigeria Sugar Master Plan (NSMP) was a governmental policy initiated in 2012 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.

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