$5b for sugar sector development: Nigeria
The National Sugar Development Council (NSDC) is partnering with the Abuja Chambers of Commerce and Industry (ACCI) to mobilize $5 billion for Nigeria’s sugar sector. Executive Secretary Kamar Barkin emphasized the need for long-term financing to achieve an annual sugar production target of 2 million metric tons. The initiative includes identifying viable sites for sugarcane cultivation and fostering collaborations with private sector operators.
The National Sugar Development Council (NSDC) in partnership with Abuja Chambers of Commerce and Industry (ACCI) is collaborating to mobilize $5billion for smooth running of the sugar sector in the country.
The Executive Secretary, National Sugar Development Council, Kamar Barkin disclosed during a visit by the ACCI leadership led by Barr. Emeka Obegolu, SAN in Abuja.
He said one of the key roles of the council is to facilitate the mobilisation of the funding required.
Barkin said in terms of equity as well as project finance or debt, there is the development cycle of sugar production, which is long-term, low-cost development finance. The target is for to be able to produce 2 million metric tons of sugar annually, which covers the current annual consumption of about 1.8 million tons.
He said: “As the key platform for private sector operators, it’s important to look at how potentially the Chamber can also key into different aspects of this fund raising drive. We have identified several critical pillars. I am not going to go through all of them, but rather focus on a handful of them that are important towards the achievement of our mandate.”
A key one is the identification and operationalisation of viable sites for the growing of sugarcane and the production of sugar. Part of what we are doing in that regard is a comprehensive nationwide survey of the most viable sites for growing cane, as well as the establishment of a robust technology platform for tracking the various attributes of the sites that are so identified.
He said: “We take ACCI very seriously and we expect that we will be able to key into some of your activities that will lead to fruitful partnerships with the sugar Council, I mean, the various parties that ACCI represents, as well as those interests that we are seeking to promote on our side.”
The ACCI President said the group was in the Council to seek the sort of partnership and collaboration that will add value to the mandate of the NSDC.
Source: https://thenationonlineng.net/5b-for-sugar-sector-development/
