NSDC Act Amendment to Save Nigeria $1bn Annually – Bakrin
With a proposed amendment to the National Sugar Development Council Act, Nigeria’s sugar industry is poised to save the country over $1 billion in foreign exchange annually and create thousands of jobs.
According to Kamar Bakrin, Executive Secretary of the National Sugar Development Council (NSDC), “To realise this vision, we require $4.5 billion in investments, which the Council is actively working to attract. Investor confidence is critical, and that confidence hinges on transparent, rule-based policies.”
Bakrin stated this at a one-day public hearing on a bill to amend the National Sugar Development Council Act, at the House of Representatives yesterday in Abuja.
According to the executive secretary, the National Sugar Masterplan (NSMP) aims to boost rural development and stimulate economic growth adding that, “The sugar levy was specifically introduced to fund the development of the sector, unlike import duties.”
However, he raised concerns over the recent directive mandating that 50 per cent of the sugar levy be remitted to the Consolidated Revenue Fund (CRF), warning that such measures could undermine the sector’s transformation goals.
The Minister of Industry, Trade and Investment, Dr. John Owan Eno, emphasised sugar’s potential in achieving President Bola Tinubu’s $1 trillion economy vision.
“Sugar plays a critical role in rural development, job creation, and national value generation. The NSMP is a vital component of our industrialisation drive,” he said.
Private sector players are also backing the initiative. Dr. Aliyu Idi Hong, representing BUA Group, expressed the company’s firm commitment to the NSMP.
“We have developed a nearly 50,000-hectare sugar plantation, with 20,000 hectares already under cultivation, and we’re acquiring another 50,000 hectares,” Idi noted.
On his part, Enitan Dolapo Badru, Chairman of the House Committee, said, “We urge all stakeholders to contribute constructively. Our goal is to build a sustainable and competitive sugar industry that creates jobs, improves livelihoods, and contributes significantly to national development.”
