Sugar industry key to Nigeria’s $1tn economy goal — FG

Sugar industry key to Nigeria’s $1tn economy goal — FG

The Minister of State for Industry, John Owan Enoh, has highlighted the critical role of Nigeria’s sugar sector in supporting President Bola Tinubu’s ambition of building a $1 trillion economy. Speaking at a public hearing organized by the House of Representatives Committee on Industry, Enoh emphasized sugar’s strategic economic and industrial value. He noted that President Tinubu had recently addressed the sugar industry’s significance during a Federal Executive Council meeting, underlining the sector’s potential for job creation and rural economic growth.

Echoing this sentiment, the Executive Secretary of the National Sugar Development Council (NSDC), Kamar Bakrin, stated that full implementation of the Nigeria Sugar Master Plan (NSMP) could save the country over $1 billion annually in foreign exchange. Bakrin also stressed that about $4.5 billion in investments is needed to fully realize the NSMP’s goals. He called for transparent and rule-based policies to enhance investor confidence and warned against a recent government directive redirecting 50% of the sugar levy to the Consolidated Revenue Fund—arguing it would harm the sector’s intended growth funding.

The National Agency for Food and Drug Administration and Control (NAFDAC), through Iba Edward, voiced concerns about regulatory overlaps in the proposed legislative amendments, urging clearer role definitions to avoid conflicts with NAFDAC’s existing mandate.

Industry stakeholders such as BUA Group and Flour Mills of Nigeria expressed their ongoing commitment to sugar development. BUA noted it has cultivated 20,000 hectares out of a 50,000-hectare sugar plantation, while Flour Mills highlighted its Sunti operations spanning 6,000 hectares. Both emphasized the importance of policy stability for continued investment and development.

The Chairman of the House Committee, Enitan Dolapo Badru, assured stakeholders that the proposed amendments to the NSDC Establishment Act would be inclusive and geared toward strengthening the council’s capacity to fulfill its developmental mandate.