In order to save $350 million annually and generate 110,000 new jobs, the federal government authorized Phase II of its 10-year National Sugar Masterplan on Wednesday.
Niyi Adebayo, the minister of industry, trade, and investment, told State House reporters this just after the weekly Federal Executive Council meeting, which was held at the Presidential Villa in Abuja under the chairmanship of Major General Muhammadu Buhari (retd.).
Adebayo also mentioned the government’s goal of importing less ethanol, saving $65.8 million, and producing 400 megawatts of electricity.
He said that stakeholders in the sugar trade from the public and private sectors, including Dangote, BUA, and Golden Sugar, had produced 15,000 employment and that additional efforts would be made to support the national sugar policy’s goal of promoting self-sufficiency in the industry.
According to him: “Today, my ministry brought a memo seeking Council’s approval for the second phase of the National Sugar Masterplan. In 2012, the first phase of the sugar master plan was approved, lasting from 2012 to 2022.
“Today, the Council approved the extension from 2023 to 2033. That’s for another 10 years and the whole idea of the Sugar Masterplan is for the development of the sugar industry for self-sufficiency in sugar production.
“The plan has several policy measures or fiscal incentives to stimulate demand and attract private sector investment in the sugar industry. Part of the benefits of the sugar masterplan is the local production of sugar. We have under phase one, four major investors investing in the industry. These are Dangote Sugar, BUA Sugar, Golden Sugar Company, which is a flour mill, Care Africa Group, which bought the Baccita sugar mill.
“They have jointly created 15,000 jobs, and they have over almost 200,000 hectares of land that have been acquired for the production of sugarcane to enable them to produce sugar locally. So, Council approved phase two of the National Sugar Masterplan.”
He pointed out that since its first approval in 2012, the sugar masterplan has seen a number of triumphs.
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