Post by Ismail AbdulAzeez on Dec 30, 2021 21:53:15 GMT 1
FGN Says That $73million Sugar Sector Intervention Infrastructure Fund Will Reduce The Country’s Importation Bill
The Federal Government of Nigeria (FGN) has said that the newly launched $73 million sugar sector intervention fund will reduce the country’s import bill.
The country’s import bill stands at N13.8 trillion for the half year of 2021, according to the National Bureau of Statistics (NBS).
Nigeria currently spends about $500 million on importation of sugar annually. This is the largest import bill for the commodity in sub-Saharan Africa.
In the year 2012, the Federal Government approved a national sugar road map called the Nigeria Sugar Master Plan (NSMP). According to the National Sugar Development Council (NSDC), “the NSMP is a strategic road map designed to make the Nigerian sugar industry transform into a world class multi-product sugarcane industry”.
Recently, the country’s Minister of Industry, Trade and Investment, Otumba Niyi Adebayo, told State House correspondents that the goal of the intervention was to support the development of irrigation infrastructure on acquired 10, 000 hectares of sugarcane plantations located in six BIP (Backward Integration Programme) sites.
The President, Muhammadu Buhari, at the Presidential Villa, Abuja, has launched the sugar infrastructure intervention programme titled, “Presidential Intervention On Irrigation Infrastructure to Accelerate Sugar Backward Integration Programme Projects”.
The president, who was represented at the ceremony by the Minister of Industry, Trade and Investment, Otumba Adebayo, said that the project would drive development and accelerate growth in the sugar sub-sector.
The BIP sites are:
Numan – Adamawa State
Sunti – Niger State
Lafiaji – Kwara State
Bacita – Kwara State
Toto and Tunga – Nasarawa State.
According to the Minister, “The strategic intervention will enable the country’s leading sugar producers:
Dangote Industries
BUA, and
Flour Mills to expand capacity and capitalize on the import substitution opportunity within the sugar market to further reduce the country’s import bill.
“The implementation structure considered enhancing rural jobs and hence the recommendation that 10% of the total allocation to each BIP operator would be reserved for Sugarcane outgrower farmers within the community.
“This is strategic, humane, and sustainable in the thought process and I am certain that local communities will find this inclusive which is an effective approach to project implementation.”
The Executive Secretary, National Sugar Development Council, NSDC, Mr. Zacch Adedeji said the intervention was part of the government’s determination to provide an enabling environment for private investments to thrive and flourish in the country.
“Preliminary activities, including identification of specific project sites for each operator which include a framework for design and engineering services for the infield and bulk water supply systems, project management and maintenance specifications, adoption of a business model and costing, among others have been concluded long before the formal commissioning of this laudable initiative”.
The Chairman of the forum of Sugar producing states, and current Governor of Nasarawa state, Engineer Abdullahi Sule said that Nigeria has both the human and natural resources to be among the leading sugar producing countries in the world.
He said “all critical players in the sector must wake up and redouble their efforts. We all have to roll up our sleeves and match our words with concrete actions to enable us achieve our desired objectives in the sector.”
A lot of foreign investors rate Nigeria as a viable destination for high returns on investments, but investors have been wary of throwing funds into an environment noted for policy flip-flops.
The question is, has the government put in place policies and institutions that will provide security and protection for investors in the country?
We are aware of the backward integration policy of the government which has been targeted at developing select commodities for development up to self-sufficiency and export levels.
However, many stakeholders are calling on the government to critically look at the activities of the previous beneficiaries as some have cultivated their sugarcane farms while many have nothing to show to justify the N170 billion commitment of the Federal Government in the policy.
Our company is one of the best companies in agro export business in Nigeria today, we train individuals and corporate organizations on how to do export business the right way; if you are interested, please contact the admin of this forum today.
The Federal Government of Nigeria (FGN) has said that the newly launched $73 million sugar sector intervention fund will reduce the country’s import bill.
The country’s import bill stands at N13.8 trillion for the half year of 2021, according to the National Bureau of Statistics (NBS).
Nigeria currently spends about $500 million on importation of sugar annually. This is the largest import bill for the commodity in sub-Saharan Africa.
In the year 2012, the Federal Government approved a national sugar road map called the Nigeria Sugar Master Plan (NSMP). According to the National Sugar Development Council (NSDC), “the NSMP is a strategic road map designed to make the Nigerian sugar industry transform into a world class multi-product sugarcane industry”.
Recently, the country’s Minister of Industry, Trade and Investment, Otumba Niyi Adebayo, told State House correspondents that the goal of the intervention was to support the development of irrigation infrastructure on acquired 10, 000 hectares of sugarcane plantations located in six BIP (Backward Integration Programme) sites.
The President, Muhammadu Buhari, at the Presidential Villa, Abuja, has launched the sugar infrastructure intervention programme titled, “Presidential Intervention On Irrigation Infrastructure to Accelerate Sugar Backward Integration Programme Projects”.
The president, who was represented at the ceremony by the Minister of Industry, Trade and Investment, Otumba Adebayo, said that the project would drive development and accelerate growth in the sugar sub-sector.
The BIP sites are:
Numan – Adamawa State
Sunti – Niger State
Lafiaji – Kwara State
Bacita – Kwara State
Toto and Tunga – Nasarawa State.
According to the Minister, “The strategic intervention will enable the country’s leading sugar producers:
Dangote Industries
BUA, and
Flour Mills to expand capacity and capitalize on the import substitution opportunity within the sugar market to further reduce the country’s import bill.
“The implementation structure considered enhancing rural jobs and hence the recommendation that 10% of the total allocation to each BIP operator would be reserved for Sugarcane outgrower farmers within the community.
“This is strategic, humane, and sustainable in the thought process and I am certain that local communities will find this inclusive which is an effective approach to project implementation.”
The Executive Secretary, National Sugar Development Council, NSDC, Mr. Zacch Adedeji said the intervention was part of the government’s determination to provide an enabling environment for private investments to thrive and flourish in the country.
“Preliminary activities, including identification of specific project sites for each operator which include a framework for design and engineering services for the infield and bulk water supply systems, project management and maintenance specifications, adoption of a business model and costing, among others have been concluded long before the formal commissioning of this laudable initiative”.
The Chairman of the forum of Sugar producing states, and current Governor of Nasarawa state, Engineer Abdullahi Sule said that Nigeria has both the human and natural resources to be among the leading sugar producing countries in the world.
He said “all critical players in the sector must wake up and redouble their efforts. We all have to roll up our sleeves and match our words with concrete actions to enable us achieve our desired objectives in the sector.”
A lot of foreign investors rate Nigeria as a viable destination for high returns on investments, but investors have been wary of throwing funds into an environment noted for policy flip-flops.
The question is, has the government put in place policies and institutions that will provide security and protection for investors in the country?
We are aware of the backward integration policy of the government which has been targeted at developing select commodities for development up to self-sufficiency and export levels.
However, many stakeholders are calling on the government to critically look at the activities of the previous beneficiaries as some have cultivated their sugarcane farms while many have nothing to show to justify the N170 billion commitment of the Federal Government in the policy.
Our company is one of the best companies in agro export business in Nigeria today, we train individuals and corporate organizations on how to do export business the right way; if you are interested, please contact the admin of this forum today.