Business

NASS Assures On Sugar Masterplan Bill

Published

14 years ago

November 19, 2012

The Chairman, Senate Committee on Investment, Senator Nenadi Usman, has expressed optimism that the National Assembly would soon pass the Nigerian Sugar Master Plan (NSMP) bill.

Usman disclosed this in Abuja at a one-day stakeholders’ interactive forum and the unveiling of the NSMP.

The Executive Council had in September approved the NSMP as well as a regime of fiscal and investment incentives to boost sugar production.

Usman said the bill, when passed into law, would ensure the smooth implementation of the new NSMP, stressing that “The bill is to strengthen the implementation of the policy, to give it a legal backing and some push so that people will not just think they can just do anything and get away with it.

He disclosed that “the bill has gone through the first reading, waiting for the second reading which will protect all the stakeholders, especially the consumers and the manufacturers. It is criminal for anyone to be given all the fiscal protection needed just for them to be able to import and keep refining raw sugar at the detriment of having out growers in the farm that should be growing sugarcane,’’.

Usman, who was also a former Minister of Finance, urged sabotours to stay away from the NSMP, adding that it would no longer be business as usual.

In his remarks, Minister of Trade and Investment, Dr Olusegun Aganga, said with the implementation of the NSMP, 411.7 additional mega watts of electricity would be generated from sugar production by 2020.

According to him, the implementation of the NSMP will also make Nigeria to be among the top ten sugar exporters in the world.

The minister said apart from the country being self sufficient in sugar production which would bring an end to the importation of sugar, the successful implementation of the policy would create about 117 million jobs.

“The implementation of the sugar master plan will lead to the production of 161.1 million litres of ethanol which will save the country about $65.8 million on fuel importation.’’

Aganga noted with concern the over dependence on importation of sugar which, he said, had affected the economy negatively, adding that government had put in place measures to encourage local production.

He said “in order to both stimulate and protect local investment in the sugar sub-sector, a new regime of fiscal tariff has been approved to take effect from January 1, 2013.

“The measures include the approval of high fiscal tariff structure which is deliberately skewed against importation and to prevent dumping of cheap sugar and protect the infant industry.’’

The minister said the tariff would take cognisance of the little value addition by refiners who import and refine sugar.

According to him, the Federal Government has also provided incentives for investors in the sector.

The incentives included zero per cent on machinery and spare parts for local sugar manufacturing industries, five years tax holiday for ‘sugarcane to sugar’ value-chains and investors in local sugar manufacturing industries.

The incentive included an outright ban on the importation of refined sugar in retail packs among others.

Aganga said the incentives would also lead to 30 per cent tax credit on the cost of provision of critical infrastructure by sugarcane to sugar project investors.

The minister urged the stakeholders to ensure that their deliberations complemented government’s efforts in stabilising the sugar sector.

The Executive Secretary, National Sugar Development Council (NSDC), Dr Lateef Busari, who presented the NSMP to the stakeholders, said its implementation was a golden opportunity to boost the country’s economy.

“The roadmap is a ten-year plan that intends to see Nigeria from producing the two per cent sugar consumption to self sufficiency and to have some excess.

“The roadmap should be able to produce 1.79 metric tonnes of sugar over the next ten years with some other collateral advantages embedded in it.

“The NSMP will provide lots of jobs apart from reducing the burden of capital flight through the importation of sugar.’’

Chief Kola Jamodu, President, Manufacturers Association of Nigeria (MAN), said the presentation of the NSMP to stakeholders would enable manufacturers to have a better understanding of how to implement it successfully.

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

5 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.

Business

Customs Impound N2.35bn Cocaine, 15 Trailers of Rice

Published

5 days ago

May 13, 2026

The Tide

The Nigeria Customs Service (NCS), Federal Operations Unit (FOU) Zone ‘A’, Ikeja, has impound Cocaine Substance valued at ?2.35 billion alongside 15 trailer-loads of foreign rice and a wide range of contraband across the South-West.

This was disclosed to Newsmen during a press briefing in Lagos by Controller of the Unit, Comptroller Gambo Aliyu,

Aliyu revealed that the seizures were made over an eight-week period, underscoring intensified enforcement efforts.

According to him, operatives foiled 473 smuggling attempts within the period, leading to the confiscation of 8,794 bags of 50kg foreign rice, 22 used vehicles, 328 bales of used clothing, and 31,705 litres of Premium Motor Spirit (PMS).

He said other seized items include a Mercedes-Benz vehicle and various food products such as poultry, vegetable oil, spaghetti, and sugar.

Aliyu clarified that the rice displayed at the briefing represented cumulative interceptions made at different locations and times across the zone.

“All the rice you see here are accumulative of seizures carried out at different places, at different times, and through different interdictions,”

Beyond the economic implications, the Comptroller emphasized the social cost of drug trafficking, warning that narcotics continue to destroy families and fuel criminal activities.

“It may surprise you to know that many homes are broken due to drugs.

” Our mandate is to cut off the supply chain, and that is exactly what we are doing,”.

Similarly Customs operatives at the Gbaji outpost intercepted a 71 year-old suspect along the Lagos-Abidjan corridor with 6.35kg of cocaine concealed in a Toyota Highlander.

The drugs, comprising both powdered and crystalline forms, were valued at ?2.35 billion.

Under a special enforcement drive, codenamed “Operation Hawk,” the unit also seized 3,340 parcels of synthetic cannabis, popularly known as “Ghanaian loud,” weighing 1,540kg.

The substances, along with three suspects, have been handed over to the National Drug Law Enforcement Agency (NDLEA) for further investigation and prosecution.

In a related operation, officers intercepted four cylinders of mercury hidden in a vehicle along the same corridor. Aliyu described the substance as hazardous and subject to international regulation.

Overall, the Duty Paid Value (DPV) of the seizures stands at approximately ?5.5 billion, reflecting the scale of enforcement activities.

Additionally, the unit recovered ?97.7 million through Demand Notices issued on under-declared consignments.

Aliyu reaffirmed the Service’s commitment to deploying modern technology—including geospatial intelligence, drone surveillance, and real-time tracking—to strengthen border security and clamp down on smuggling networks.

CHINEDU WOSU

Business

Dangote, Nicolai Tangen To Partner In strategic sectors

Published

5 days ago

May 13, 2026

The Tide

Chief Executive Officer of Norges Bank Investment Management, Nicolai Tangen ( manager of the world’s largest sovereign wealth fund) has expressed interest in partnering with Dangote Group to expand investments across Africa, particularly in strategic sectors such as power, energy, renewable energy, agriculture, fertiliser and cement.

This was made known during a meeting of Chief Executive of Dangote Group, Aliko Dangote with Nicolai Tangen, the manager of Norwegian investment institution (with assets estimated at about $1.9 trillion) .

Also present at the meeting were Svein Tore Holsether, Chief Executive Officer of Yara International, and Terje Pilskog, Chief Executive Officer of Scatec, a global renewable energy company.

The engagement reflects growing international investor confidence in Africa’s industrial and infrastructure potential, as well as the increasing role of indigenous conglomerates such as Dangote Group in driving large-scale economic transformation across the continent.

Industry observers say the proposed collaboration could create significant opportunities for investments in critical sectors linked to energy transition, food security, industrialisation and infrastructure development.

The Norwegian sovereign wealth fund, regarded as one of the world’s leading institutional investors, has in recent years increased its focus on emerging markets, with Africa seen as a major frontier for long-term investment and value creation.

Analysts believe a partnership between Norges Bank Investment Management and Dangote Group could unlock substantial capital flows into infrastructure and industrial projects across Africa, helping to accelerate economic growth and regional integration.

Nkpemenyie Mcdominic, Lagos