Invest in $2bn sugar market, NSDC tell states

The National Sugar Development Council (NSDC) has urged states to tap into the growing potential of Nigeria’s sugar sector which the Council said is now valued at $2 billion. According to a statement on Sunday by the NSDC, the Executive Secretary/CEO of NSDC, Mr. Kamar Bakrin, made the requests in a meeting with the NGF […]

The National Sugar Development Council (NSDC) has urged states to tap into the growing potential of Nigeria’s sugar sector which the Council said is now valued at $2 billion.

According to a statement on Sunday by the NSDC, the Executive Secretary/CEO of NSDC, Mr. Kamar Bakrin, made the requests in a meeting with the NGF leadership urging them to embrace sugar project development with open arms.

He listed the 11 states with proven, suitable lands for profitable sugar production as Oyo, Kwara, Niger, Nasarawa, Kaduna, Kano, Bauchi, Gombe, Jigawa, Adamawa and Taraba.

“While global sugar prices have remained relatively stable in dollar terms, exchange rate movements have made imports significantly more expensive, thereby enhancing the commercial viability of domestically produced sugar, whose inputs are largely naira-denominated,” the Executive Secretary said.

“Critical factors have created an opportunity to invest in Nigeria’s sugarcane growing and processing industry, adding that the sector is now worth $2 billion while with the aid of the African Continental Free Trade Agreement (AfCFTA), it is worth $7 billion on the continent. The NSDC boss added that the market for sugar bye-products alone is worth $10 billion in Nigeria,” he added.

Also speaking, the Director-General of the NGF, Dr. Abdulateef Shittu, noted that many state governments are already engaged, or are keen to engage, in sugar-related investments spanning land development, agricultural schemes, and agro-industrial initiatives.

He however added that unlocking these opportunities requires effective coordination, credible investment frameworks, and strong alignment between federal policy objectives and state-level development priorities.

In return, he the Nigeria Governors’ Forum (NGF) secretariat has agreed to prioritise sugar as a key product for the acceleration of industrial development in states across the country.