By Faridat Salifu
Following the Federal Government backward integration policy, the government and Trans-Sahara Consortium has agreed to establish a sugarcane processing facility alongside cultivation of 3 million hectares of soybean across Nigeria.
The agreement was reached on Sunday during a meeting between the Minister of Finance, Mr. Wale Edun, and Victor Terrah, the CEO of Trans-Sahara consortium, in Abuja.
In a statement made available to media organisations by the Ministry of Finance, the agreement will significantly enhance domestic sugar production capabilities and increase soybean yields.
The statement stressed that Nigerian sugar industry is in the midst of a transformative phase, fuelled by the government’s backward integration policy (BIP).
The new strategy aims to reduce reliance on sugar imports by fostering local production, with major players such as Dangote Sugar and BUA Sugar leading the charge.
These companies have made substantial investments to boost local production capacity in recent years.
However, despite these efforts, Nigeria continues to grapple with acute food insecurity and a heavy dependence on imported food items.
The underinvestment in the agricultural sector exacerbates this issue, contributing to a widening trade deficit.
The collaboration with Trans-Sahara Consortium represents a critical step towards achieving self-sufficiency in essential agricultural products, paving the way for a more resilient economy.
Quality journalism costs money. Today, we’re asking that you support us to do more. Support our work by sending in your donations.
The donation can be made directly into NatureNews Account below
