Business

Sugar Imports Drop To 800,000 Tonnes

Published

12 years ago

January 22, 2014

Nigeria’s raw sugar
imports dropped to 800,000 tonnes from 1.4 million tonnes recorded in the first quarter of 2013, an official document stated.
The document was obtained by The Tide from the National Sugar Development Council (NSDC) in Abuja over the weekend.
The document, signed by the Executive Secretary of NSDC, Dr Latif Busari, also stated that refined sugar imports dipped from 1.88 per cent in 2012 to 0.67 per cent in 2013.
It adds that local price of sugar fell from N9,000 per 50kg in 2012 to N6,950 in 2013, representing a decrease of 23 per cent.
The document stated that total national demand for sugar rose from 1.5 million tonnes in 2012 to two million tonnes in 2013.
It added that sugar smuggling was virtually non-existent as refinery capacity utilisation rose from 60 per cent to 75 per cent.
The document attributed the successes to the National Sugar Master Plan (NSMP) launched in January, 2013 by the present administration of President Goodluck Jonathan.
The NSMP, which has a 10-year implementation period, aimed to produce 1.79 million tonnes of sugar; 161.2 million litres of ethanol and 411.7 MW annually.
Other deliverables of the plan were 1.6 million tonnes of animal feeds annually, 37,378 permanent jobs and 79,803 seasonal jobs.
In addition, the country expects to save between 350 million dollars and 500 million dollars annually in foreign exchange on sugar imports.
The NSCD document stated that so far, the number of sugar project sites in the country has increased from six in 2012 to 17 in 2013.
The document stated that the proposed two billion dollars investment in projects across six states by the Dangote Group will produce between one million tonnes and 1.5 million tonnes of sugar annually.
It further stated that Kenana Technical Services has substantially expanded its Savannah Sugar at Numan, Adamawa, from 6,500 hectares to 21,000 hectares by 2018 to produce 100,000 tonnes annually.
“FMNL/GSR through its Adeco Agric Group is to produce 60,000 tonnes of sugar annually from its 13,500 hectares arm in Sunti, Niger State, by 2018.
“Also, HoneyGold Group through its subsidiary, Costas Negocios, is to invest 300 million dollars on two sites in Adamawa State to produce 200,000 tonnes sugar annually,’’ it said.
According to the document, Crystal Sugar Mills has announced plans to invest 30 million dollars in expansion of its operations to produce 60,000 tonnes per annum by 2018.
“Confluence Sugar Company is poised to invest 240 million dollars to produce 200,000 tonnes sugar/annum on about 37,000 hectares at Ibaji in Kogi State,’’ it said.

Business

Niger Delta Investment Summit Targets $5bn Inflows, 500,000 Jobs

Published

3 days ago

April 10, 2026

The Tide

The Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled the plans to host a major economic and investment summit aimed at attracting five billion dollars, ( N7 trillion) investments in addition to creating about 500,000 jobs over the next five years.

The Chairman of NDCCITMA Board, Ambassador Idaere Ogan, disclosed this in Port Harcourt, recently.

Ogan stated that the initiative is designed to reposition the Niger Delta as a viable destination for sustainable economic growth and development.

He explained the summit would bring together investors, policymakers, manufacturers and business leaders from within and outside Nigeria to explore opportunities across key sectors of the regional economy.

According to him, the event is expected to attract high-profile participation, with President Bola Tinubu billed as Special Guest of Honour, while the Prime Minister of Barbados, Mia Amor Mottley, is expected to deliver the keynote address.

Ogan said the summit would focus on critical sectors including agriculture, manufacturing, logistics and the blue economy, which he described as areas with significant untapped potential.

He called on state governments, development partners and private sector stakeholders to support the initiative, stressing that collective efforts are required to unlock the region’s economic prospects.

NDCCITMA chairman further stated that improving security conditions and increasing economic confidence in the Niger Delta have made the region more attractive to both local and foreign investors.

He emphasised that ongoing economic reforms at the national level have also contributed to creating a more favourable investment climate.

Also speaking, the Chairman of the Summit Organising Committee, Dr. Solomon Edebiri, said the event would prioritise the growth of small and medium-scale enterprises (SMEs) across the region.

He noted the summit would provide a strategic platform for networking, business partnership and policy dialogue aimed at strengthening the private sector.

Edebiri disclosed that findings from a recent business roundtable revealed significant untapped investment opportunities, which the summit seeks to harness through targeted collaborations.

He revealed that the event would feature exhibitions of viable projects, facilitate business-to-business and business-to-government engagements, and also promote innovations across multiple sectors.

According to him, the expected outcomes of the summit include job creation, increased industrial activity and improved livelihoods for people in the Niger Delta.

To build momentum ahead of the event, NDCCITMA said the body would embark on awareness roadshows across states in the Niger Delta, as well as in Lagos and Abuja, to attract broad participation.

King Onunwor

Business

NPA Targets N1.489tn Revenue In 2026

Published

3 days ago

April 10, 2026

The Tide

The Management of Nigerian Ports Authority (NPA) has set N1.489 trillion as its Internally Generated Revenue (IGR) target for the 2026 fiscal year.

NPA says the figure represents an increase of N21 billion over the N1.468 trillion target for 2025, which the agency exceeded with an actual revenue of N1.97 trillion.

The Managing Director NPA, Dr Abubakar Dantsoho, stated this during the agency’s 2026 budget defence before the Senate Committee on Marine Transport.

Dantsoho said the authority was set to begin groundbreaking projects for the modernisation of Apapa and Tin Can Island ports to enhance global competitiveness.

According to him, of the projected revenue: N945 billion is allocated for capital projects, N447.5 billion for operating expenses, and

N90.6 billion for remittance into the Consolidated Revenue Fund (CRF).

The MD explained that the budget was anchored on the mantra, “Consolidation, Renewed Resilience and Shared Prosperity.”

Dantsoho said that the modernisation of Apapa and Tin Can Island ports were flagship projects aimed at boosting revenue.

“Apapa and Tin Can Island ports are old and no longer adequate for modern global port operations.

“Apapa Port is about 100 years old, while Tin Can Island Port is over 50 years old, with limited capacity for handling modern vessels and cargo volumes.

“Groundbreaking for their modernisation will commence within the next two to three weeks,” he added.

On the Treasury Single Account (TSA), Dantsoho said all revenues generated by the NPA are paid directly into the account managed by the Central Bank of Nigeria (CBN).

“We do not retain any funds. The Central Bank is the signatory and we must apply for funds whenever needed,” he explained.

Earlier in his remarks,Chairman of the Senate Committee on Ports, Sen. Wasiu Eshinlokun (Lagos Central), said the committee’s oversight function was collaborative rather than adversarial.

“Our goal is to work with you to strengthen institutional capacity, eliminate inefficiencies and ensure that every naira appropriated serves the public interest,” he said.

Chinedu Wosu

Business

NPF Disburses ?21.68m To Fallen Heros’ Families …Reinforce Welfare Commitment

Published

3 days ago

April 10, 2026

The Tide

Nigeria Police Force has disbursed a total of ?21,678,120 to the deceased police officers families in Rivers State as part of ongoing welfare interventions by the force.

The gesture formed a major highlight of the activities marking the 2026 National Police Day celebration in the state, underscoring renewed institutional focus on personnel welfare and post-service support systems.

The Commissioner of Police, Olugbenga Adepoju, who presided over the cheque presentation ceremony, said the initiative reflects the Force’s commitment to honouring officers who paid the ultimate price in their line of duty.

He explained that the financial support is designed to cushion the economic burden faced by bereaved families, while also reinforcing confidence among serving personnel about the Force’s long-term welfare structure.

Adepoju conveyed the sympathy of the leadership of the Nigeria Police Force to the beneficiaries, noting that the sacrifices of fallen officers remain invaluable to national security and public safety.

The police boss further stressed that sustained welfare interventions are critical to boosting morale, enhancing productivity, and strengthening institutional loyalty within the Force.

He reiterated that the welfare scheme aligns with broader reforms aimed at repositioning the Nigeria Police Force as a responsive and people-oriented institution.

Beneficiaries of the cheques commended the Inspector-General of Police, Olatunji Rilwan Disu, for prioritising the welfare of officers and their families through consistent and impactful interventions.

They described the initiative as timely and compassionate, noting that it would go a long way in alleviating financial pressures arising from the loss of their loved ones.

The families also acknowledged ongoing reforms under the current police leadership, which they said have strengthened trust, improved service delivery, and enhanced the overall image of the Force.

The Rivers State Police Command reaffirmed its commitment to sustaining similar initiatives as part of efforts to uphold the dignity, sacrifice, and legacy of officers who served the nation with distinction.

King Onunwor