NSDC, Abuja Chamber of Commerce Collaborate on Sugar Investment Drive

The National Sugar Development Council (NSDC) has commenced discussion with the Abuja Chamber of Commerce and Industry (ACCI) on collaborations that can add value to the Council’s search for investments into the sugar subsector.

Executive Secretary of the Council, Mr. Kamar Bakrin while receiving the president of the ACCI, Dr Emeka Obegolu shared history, mandate and destination of the Council as well as the direction it must take to achieve its goals.

According to him, “we execute our mandate through what is termed the Nigeria Sugar Master Plan (NSMP), which is in its second phase.

“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.”

Mr Bakrin stated that the council has identified several critical pillars that are important towards the achievement of our mandate.

“A key one is the identification and operationalisation of viable sites for the growing of sugarcane and the for the production of sugar, that is a very important thing for us. Part of what we are doing in that regard is a comprehensive nationwide survey of the most viable sites for growing cane, as well as the establishment of a robust technology platform for tracking the various attributes of the sites that are so identified.

“Also, probably the most important relevant aspect to you is the attraction of credible players into the sector who can embark on sugar production, which is actually a very, very sustainably profitable opportunity. We have seen this demonstrated without any doubt in countries such as Tanzania, Senegal and so on and so forth that have recently embarked on similar programs with incredible success,” the NSDC boss explained.

“Then there is also the mobilisation of the right kind of funding, we estimate that the sector requires about $5 billion.”

He said one key role of the council is to facilitate the mobilisation of the funding required, both in terms of equity as well as project finance or debt.

“We take ACCI very seriously and we expect that we will be able to key into some of your activities and that they will actually lead to fruitful partnerships with the Council, I mean, the various parties that ACCI represents, as well as those interests that we are seeking to promote on our side,” the Executive Secretary said.

Speaking earlier, the ACCI president Dr Emeka Obegolu said they were in the Council to seek the sort of partnership and collaboration that will add value to the mandate of the NSDC.