Tuesday, October 28, 2014

Sugar Sector: Private Investments Hit 500 Billion Naira — FG

In accordance with President Goodluck Jonathan's Nigeria Sugar Master Plan(NSMP) over N500billion in private sector investments have now been attracted.
This is disclosed by the Minister of Industry, Trade and Investment Mr. Olusegun Aganga. He added that within 2 yrs of the implementation of the NSMP, sugar prices had nosedived to an all-time low.

Aganga stated the Federal Government also created a N10bn funding pool managed by the Bank of Industry, plus a N5bn matching fund by the National Sugar Development Council.
"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,” Aganga said“ The NSMP was developed as a core component of the Nigeria Industrial Revolution Plan to fundamentally transform the sugar sector to create jobs, generate wealth and enhance economic growth. We’re gradually realising the targets under the plan,” he said
NSDC Executive Secretary Dr. Latif Busari called on importers of banned packaged sugar in the future and produce in Nigeria underneath the NSMP and commended President Jonathan for his foresight and implementation of the NSMP.

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