NSDC Partners BOI to Finance Sugar Projects with ₦10bn
Omoyeni Olabode
The National Sugar Development Council (NSDC) and the Bank of Industry (BOI) have agreed to support sugar development projects in Nigeria with a ₦10bn funding facility aimed at boosting local sugar production and investment in the sector.
The initiative is part of efforts to accelerate the implementation of the Nigeria Sugar Master Plan and reduce the country’s dependence on imported sugar. The funding will help investors establish and expand sugarcane cultivation and processing projects across the country.
According to the NSDC, large-scale sugar projects are expected to stimulate economic growth, create employment opportunities, and strengthen Nigeria’s agro-industrial value chain.
The council also noted that expanding domestic sugar production would help conserve foreign exchange and support Nigeria’s goal of achieving self-sufficiency in sugar over time.
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