Sugar production to fetch Nigeria $56m annually

The National Sugar Development Council has said a reduction in importation of sugar and an increase in local production would save the country $56milliob in foreign exchange annually.

The Executive Secretary of the Council, Dr Latif Busari, said this when he led the management of the agency to brief the Minister of Industry, Trade and Investment, Richard Adebayo, on the activities of the agency.

According to a statement from the ministry on Thursday, Busari said the sugar policy had led to job creation and industrialisation.

He said that part of the plan was to create 114,000 jobs and produce 1.7 million tonnes of sugar annually.

Read also: BORDER CLOSURE: Price of rice slashed

He listed Dangote Sugar Industry, BUA International Group and Golden Sugar Company as the three major operators in the industry, accounting for about 99.8 per cent of sugar in current use in the country.

The minister expressed commitment of the government to render more support to investors and other key players in the nation’s sugar industry.

He said this would assist the country to achieve sufficient industrial and domestic use of the commodity.

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