Nigeria Needs $4.5bn To Achieve National Sugar Master Plan
The Minister of State for Industry, John Owan Enoh, said it the government is positioning the sugar industry ahead of the ambitious $1tn economy goal of President Bola Tinubu and $4.5bn is needed to achieve the sugar masterplan.
The Minister said this in a statement dated Sunday.
According to the statement, Enoh noted during a public hearing organised by the House of Representatives Committee on Industry, organised as part of efforts to amend the Establishment Act of the National Sugar Development Council (NSDC) that efforts are on the way to support the industry.
He said, “About two weeks ago, the President spoke about sugar at the FEC meeting.
“That in itself reflects the importance of sugar as a strategic industrial and domestic product that no country should take lightly, and Nigeria should be no exception.
“The sugar sector has a significant role to play in the President’s commitment to a $1 trillion economy.
“Our approach must ensure it contributes effectively to job creation and rural economic development.”
Similarly, the Executive Secretary of the NSDC, Mr Kamar Bakrin, stressed that full implementation of the Nigeria Sugar Master Plan could save the nation over $1bn in foreign exchange annually.
He noted the plan’s potential to drive employment, attract large-scale investment, and stimulate rural development.
He said, “We require about $4.5bn in investments to fully achieve the NSMP’s objectives.
“Investor confidence is therefore crucial, and this can only be attained through transparent and rule-based policies.”
He expressed concern over a recent government directive mandating that 50 per cent of the sugar levy be paid into the Consolidated Revenue Fund, warning that such a move could undermine sectoral progress.
“The sugar levy was not intended as a general revenue-generating mechanism but as a dedicated fund to support the sector’s growth.
“Redirecting it threatens to defeat its original purpose,” Bakrin said.
Nigeria Needs $4.5bn To Achieve National Sugar Master Plan is first published on The Whistler Newspaper
