Manny Ita –
The National Sugar Development Council (NSDC) and the Bank of Industry (BOI) have announced a ₦10 billion support package aimed at strengthening Nigeria’s domestic sugar industry and attracting increased private sector investment into the sector.
Officials of both institutions said the initiative is designed to accelerate the development of local sugar production projects and reduce Nigeria’s dependence on imported sugar.
The fund will provide financial backing to investors and operators within the sugar value chain, including plantation development, sugar milling, refining, and other supporting infrastructure required to expand local production capacity.
The agencies said the programme forms part of broader efforts by the Federal Government to deepen industrial development, improve agricultural productivity, and strengthen food security through strategic investment in key sectors of the economy.
In a statement announcing the initiative, the NSDC said the support package would encourage more private investors to participate in domestic sugar projects and contribute to the growth of the industry.
“The intervention is designed to catalyse private sector participation and accelerate the development of domestic sugar production projects across the country,” the council said.
Officials noted that the financing arrangement will also help address long-standing challenges in the sector, including limited access to capital and the high cost of establishing sugar plantations and processing facilities.
The NSDC added that strengthening the local sugar industry would generate employment opportunities, boost rural development, and increase Nigeria’s industrial output.
“The objective is to stimulate investment, expand domestic production capacity and ultimately reduce the country’s reliance on imported sugar,” the council said.
The Bank of Industry said the financial support would be provided through structured funding mechanisms tailored to investors seeking to develop sugar production and processing facilities.
Industry stakeholders have long argued that greater investment in domestic sugar projects is necessary to achieve the country’s sugar self-sufficiency targets and reduce pressure on foreign exchange used for imports.
Authorities said the collaboration between the NSDC and BOI is expected to play a significant role in mobilising resources for large-scale sugar development projects and strengthening Nigeria’s agro-industrial base.
