Business
FG Approves Nigerian Sugar Master Plan
The Federal Executive Council (FEC) has approved the
Nigerian Sugar Master Plan and a regime of fiscal and investment incentives to
boost sugar production.
The Minister of Trade and Investment, Dr Olusegun Aganga,
made this known after the council meeting, presided over by President Goodluck
Jonathan at the State House.
Aganga said FEC approved the plan to reverse the decline in
the sugar sub-sector in the country and ensure self sufficiency.
According to him, the country produces only three per cent
of the sugar it consumes and remains “the fourth largest importer of sugar” in
the world.
The minister said the situation had raised the country’s
importation bill on sugar over the years from N53.6 billion to N101 billion
presently.
Aganga noted that African countries were producing
reasonable percentage of their sugar needs, with Mali producing 28 per cent of
its sugar needs, Senegal; 48 per cent and Benin Republic; 25 per cent.
The minister assured that the new policy, as a major import
substitution programme, would reverse the trend.
According to him, the policy will be based on ‘Backward
Integration Policy’, which is being successfully implemented in cement
production.
“The implementation of the plan as conceived, will entail
many projects which will cover all geo-political zones of the country since
suitable sites for cane proxy exist across the ecological zones.
“If Nigeria can achieve the level of local production
envisioned in the plan, it stands to produce 1,797,000 tonnes of sugar
annually, 161.2 million litres of ethanol annually, 400 MW of electricity
annually, 1.6 million tonnes of animal feeds annually,’’ he said
The minister added that 37,378 permanent jobs would be
generated, while the country would save over 65.8 million dollars in foreign
exchange on fuel imports and 350 million dollars on sugar annually.
“In view of the above benefits, the council considered and
approved the plan for implementation and adoption as government’s strategic
roadmap for the development of the sugar sub-sector.
“The council approved the package of general and backward
integration programme support incentives as proposed.
“These will stimulate investments in the sector and raise
local production of sugar to meet national demand and reverse Nigeria’s
dependence on imported sugar.”
Aganga said the plan would have a gestation period of 10
years.
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