Sugar sector attract $3 billion investments in 10 years, says Adedeji

The Executive Secretary, National Sugar Development Council (NSDC), Mr. Zacch Adedeji, has revealed that the nation’s sugar sub-sector attracted investments worth $3 billion in the last 10 years through the faithful implementation of the Nigeria Sugar Master Plan (NSMP).

Adedeji further said that the sector has five investors who have signed into the backward integration programme component of the master plan.

Adedeji, while underscoring the strategic role the sugar sector plays in the economic diversification agenda of the Federal Government, with agriculture as its key driver, explained that the sector, through the BIP operators, has provided job opportunities for thousands of people.

“The sugar sector as of today, has five operators who have signed on to the Backward Integration Programme of the Nigeria Sugar Master Plan. The companies are Dangote Sugar Refinery, BUA Sugar Refinery, Golden Sugar Refinery, KIA Africa Group and the latest being the Saro Africa Group,” he said.

The NSDC boss stated this yesterday during the signing of a Memorandum of Understanding (MoU) between Saro Africa Group and the Nasarawa State government for a sugar project to be domiciled in Doma and Nasarawa Council of the state.

The Saro Africa Group, which is the fifth investor in the sector, has announced that the project will sit on 15,000 hectares of land for the first phase and other phases would follow in due course.

Still speaking at the event, Mr. Adedeji said the MoU signing ceremony between Saro and Nasarawa State has further underscored the confidence President Muhammadu Buhari has in the sector, which led to the extension of the master plan by another 10 years, beginning from 2023 to 2033 known as the NSMP Phase 2.

In his remarks, Nasarawa state Governor, Abdullahi Sule, said the company was coming onboard at a time the state is committing its resources into putting the provision of infrastructure across the rural communities that will attract investors, thereby placing the state on the path of economic development and prosperity.

On his part, the Group Managing Director, Saro Africa Group, Mr. Rasheed Sarumi, who hinted that his company is desirous of contributing to the economic development of the state through the citing of it’s sugar and ethanol businesses in the state, thanked the governor for creating the enabling environment for private sector players to come in.