FG Calls Investors to Tap Nigeria’s $2bn Sugar Market

The Executive Secretary/CEO of the National Sugar Development Council (NSDC), Mr. Kamar Bakrin, has told potential local and foreign investors that this is the best time to put their money in the local production of sugar in Nigeria.

The NSDC CEO, who spoke to journalists said there is a large and growing domestic demand for sugar, which is put at about 2m metric tonnes per annum.

“The export market within Africa is vast and wide enough for investors in Nigeria to explore, while the Nigerian sugar market is valued at $2bn, the export market in Africa is worth $7bn and this is the right time to invest in Nigeria’s market.”

Bakrin also spoke about the macroeconomic environment, especially currency exchange rate, which he said has made local production more competitive and importation more challenging.

“The economics are compelling with high Net Present Value (NPV) and Internal Rate of Return (IRR) at attainable scale, and available financing that matches the business need. Also, there is a strong incentive framework and the government is committed to creating investment-friendly legislation to aid investments that tap into its Backward Integration Plan (BIP),” the NSDC boss added.