By Nneka Nwogwugwu
The Federal Executive Council (FEC) on Wednesday approved the second phase of the National Sugar Masterplan, a 10-year plan billed to save $350 million yearly and create 110,000 jobs.
The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, said this after the weekly FEC meeting, presided over by President Muhammadu Buhari, at the Presidential Villa, Abuja.
According to Adebayo, besides the foreign exchange (forex) savings and job creation targets from the second phase of the masterplan, Nigeria also looks forward to saving $65.8 million on ethanol import and generating 400 megawatts (Mw) of electricity.
While stating that investment in national sugar policy was aimed at stimulating self-sufficiency in the commodity, Adebayo said no fewer than 15,000 jobs have been created through key players in the industry.
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The minister listed Dangote, BUA, Golden Sugar mills among key stakeholders jointly owning about 200,000 hectares of sugarcane plantation in the country.
“Today, my ministry brought a memo seeking Council’s approval for the second phase of the National Sugar Master Plan. 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.
