Nigeria currently consumes about 1.5 million tonnes of sugar annually, Dr. Latif Busari, Executive Secretary of the National Sugar Development Council, said in Abuja yesterday.
Busari who stated this at a public forum made a projection that the nation’s sugar production would hit about 1.79 million tonnes by 2020.
“Currently we are consuming about 1.5 million metric tons of sugar,” he said.
The International Sugar Organisation currently puts Nigeria’s total sugar production at 30,000 tonnes.
The executive secretary said that some measures had been put in place to ensure that the country achieved self-sufficiency in sugar production by the year 2020.
He said to achieve this; the Federal Government approved the Nigeria Sugar Master Plan last September to transform the nation’s promising sugar industry into a major revenue earner driven by the private sector.
Busari said the implementation of the master plan would require massive private sector investments of more than 3.1 billion dollars (N496 billion) over the next 10 years.
He added that one of the key elements of the master plan was to have 28 sugar projects sited across 17 states of the federation.
“If we are able to implement the master plan as projected, we should be looking at producing about 1.79 million metric tons of sugar between 2020 and 2023 which is also what is projected to be our demand about that time.
“We should be able to produce about 161 million litres of ethanol; we should be able to also generate over 117,000 jobs for the economy.
“And then save something in the neighbourhood of 350 million to 500 million dollars annually on foreign exchange. And then we will also generate about 411 megawatts of electricity from the various projects.”
Busari said government had also put in place some strategies, which included a backward integration plan to ensure successful implementation of the master plan.
The backward integration plan requires that sugar refiners in Nigeria gradually begin to source raw sugar locally by owning their own sugarcane plantations and encouraging out-grower farmers to produce the canes for refining.
Busari said this was because refiners had misused the opportunity given to them in the past to encourage raw sugar production locally.
“An additional strategy that has been adopted to be able to get this BIP work is that the raw sugar they are importing would be benchmarked because we are now going to be giving quota for raw sugar.
“It’s no longer going to be the all-comers game that it used to be where everybody just imports whatever he wants. It’s going to be benchmarked on the local production efforts.
“So if you are able to produce, you get a chance to import, and if you insist on not producing, then you do not get raw sugar.’’
CBN Opens N500 Grants Portal For Graduates, Undergraduates
To reduce the level of suffering associated with unemployment in the country, the Central Bank of Nigeria (CBN) has developed grants of N500,000.00 for graduates and students.
A statement from the apex bank, made available to The Tide, said qualified persons have been directed to visit cbnties.com.ng portal for the CBN N500k grants registration.
This, according to the statement, is under the Tertiary Institution Entrepreneurship Scheme (TIES), in partnership with Nigerian Polytechnics and Universities to exploit the potential of graduate entrepreneurs in Nigeria.
CBN said the aim of TIES is to increase access to finance for Nigerian polytechnic and university graduates and graduates with innovative business and technological ideas.
The apex bank added that it is also to address the trend of white-collar job seekers and focus on job creation.
The statement quoted the CBN Governor, Godwin Emefiele, as saying that the scheme is designed to create a “paradigm shift from a ‘white-collar’ job search culture to an entrepreneurial culture to economic growth and job creation between undergraduates and graduates.
“As for the grant, CBN will allocate N500 million among the top five third best delivery organizations.
“The top five polytechnics and universities in Nigeria with the best entrepreneurial trends/ideas will be awarded first place: N150 million second place N120 million third place N80 million fourth place N80 million and fifth place. Location – N50 m illion”, it stated.
As part of the scheme, the CBN has announced that it will form a private and public sector expert organization (BoE) for two-year regional and national entrepreneurship competitions to assess the entrepreneurial and technological innovations offered by Nigerian polytechnics and universities.
BoE will also recommend high-potential projects and the variable impact on the award of the grant.
Projects funded under the scheme will be monitored by independent monitors set up jointly by CBN and MFIs.
Economic Growth, Determining Factor For Policies In 2023 – Stockbrokers
Chairman of Research and Technology at the Chartered Institute of Stockbrokers (CIS), Mr. Akeem Oyewale, has said that economic growth and development should be the determining factor in policies ahead of 2023.
Oyewale, who said this recently at the institute’s Annual National Economic Review and Outlook 2022 webinar in Lagos, urged policy makers to act in a spirit of justice and tolerance to avoid acts that could lead to violence in the run-up to the 2023.
Speaking on the topic: “Global Dynamics Shaping Nigeria‘s Economic Future”, Oyewale listed factors such as the process leading up to the 2023 general elections, the response to Omicron, and the effects of COVID-19, as what would also determine the growth of the nation’s economic development.
He used the fora to urge the Federal Government to intensify its engagement with Nigeria’s capital market to better smoothly finance the 2022 budget deficit without increasing borrowing.
Oyewale also directed the Central Bank of Nigeria (CBN) to fully consider the effects on the capital market when making monetary and fiscal policies.
According to him, the philosophy of building an economy led by the private sector enshrined in the National Development Plan must be strictly adhered to.
On the need for new listings, Oyewale said Nigeria National Petroleum Company’s trading should continue with the public listing of its shares on the stock market.
This, he explained, would give Nigerians the opportunity to co-own one of the country’s commanding heights.
“The CBN and banks should grant trading facilities to securities trading firms in the country to maintain optimism in the capital market”, he said.
Speaking further, he urged pension funds and other institutional investors to increase their investment in the stock market to create much-needed stability and encourage new investment.
Earlier, President of the CIS Council, Mr Olatunde Amolegbe, said the institute would continue with initiatives that would enhance its growth and development in 2022.
Amolegbe stated that CIS would undertake activities that would promote capital market literacy in all geopolitical zones of the country, saying that he would strengthen collaboration with international professional bodies such as CISI UK and others for the benefit of their members.
He continued that the institute was working to increase the number of Nigerian universities offering graduate and undergraduate courses in securities and investment/capital market studies.
“Our vision by 2023 is to see the Securities and Investments profession registered in the hearts of young Nigerian academics as their preferred career path and CIS as the model to be followed by other professional bodies,” he concluded.
PenCom Completes Review Of Pension Reform Act 2014
The regulatory body of the Nigerian Pension Industry, the National Pension Commission (PenCom) says it has deliberated on the review of the Pension Reform Act 2014 (PRA 2014).
This was contained in a statement to newsmen signed by Peter Aghahowa, Head, Corporate Communications of PenCom, who disclosed that the regulator organised the retreat on the review of PRA 2014 in Abuja between January 12 and 14.
According to Aghahowa, the retreat was aimed at identifying salient issues to be reviewed in the PRA 2014 as a prelude to advancing legislative action on the bill.
Aghahowa said it is expected that the National Assembly would subsequently organise a public hearing to provide an avenue for stakeholders to formally make input into the proposed amendments.
He also said that the PRA 2014 was enacted following a review of the initial PRA of 2004, which introduced legal and institutional frameworks of the Contributory Pension Scheme (CPS) and established PenCom to regulate and supervise all pension matters in Nigeria.
According to him, the Director-General of PenCom, Aisha Dahir-Umar, during the opening ceremony of the retreat, had informed the participants that the PRA 2014 codified one of the most important socio-economic reform initiatives of the Federal Government.
He continued that she said this has brought about a pension industry that has accumulated pension assets in excess of N13 trillion invested in various aspects of the Nigerian economy.
He quoted her as saying that “the review is a corollary to some implementation challenges encountered with certain sections of the Act not long after its enactment in July 2014.
“This was also an addition to persistent calls from stakeholders for the amendment of some sections of the Act, which resulted in several legislative initiatives through the sponsorship of Bills for amendment of the PRA 2014 by the National Assembly.
“Consequently, the Commission as the regulator of the pension industry, decided to coordinate and harmonize the various efforts in order to achieve a comprehensive and constructive exercise for the review of PRA 2014”, he concluded.
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