Nigeria on track to producing 1.7 million tonnes of sugar by year 2020 - Mr. Olusegun Aganga

The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, on Thursday at the 2014 Sugar Forum in Lokoja, Kogi State, revealed the growth recording in the sugar sector.

Aganga said that the Federal Government had also created a N10bn funding pool, managed by the Bank of Industry, with a N5bn matching fund by the National Sugar Development Council, among other intervention measures.

Mr. Olusegun Aganga

The investments, according to him cut across 11 states of the federation – Oyo, Ondo, Ogun, Adamawa, Kogi, Taraba, Jigawa, Kwara, Niger, Kebbi and Sokoto states.

“The case to develop the sugar sector in Nigeria is clear, and the sugar master plan is our roadmap. By implementing a full scale sugar programme, Nigeria can produce over five million metric tonnes of sugarcane, which far exceeds the current domestic production of about 1.3 million metric tonnes per year.

“This means that, not only can we produce enough sugar for consumption, we can in fact become a net exporter into the sub- region and the wider international markets. Under our current programme, we are on track to producing 1.7 million tonnes by year 2020, and to exceed this afterwards This is the first President that has had the vision and courage to embark on this journey of diversification”, he said.

He added that within two years of the implementation of the NSMP, sugar prices had nosedived to an all-time low, while refining sugar capacity utilisation had moved up from 60 per cent to 75 per cent.

While reiterating that imported packaged sugar remained banned, he said, “So far, significant progress has been made in the sugar sector as a result of Government’s policies. We are proud of what we have achieved so far, but more excited about what we can achieve as we go ahead. The momentum we have achieved in the sugar sector is irreversible. We have started a journey that is difficult to reverse.