Nigeria Plans $7.1bn Sugar Investment to Cut Imports

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Nigeria Plans $7.1bn Sugar Investment to Cut Imports

ABUJA — The National Sugar Development Council has outlined a 10-year, $7.1 billion plan to make Nigeria self-sufficient in sugar. Executive Secretary Kamar Bakrin said the country consumes about 1.8 million tonnes a year, more than 97 per cent of it refined from imported raw sugar, while local output is around 27,000 tonnes. The plan aims to produce over 2 million tonnes a year, save $4.1 billion in foreign exchange annually and create about 110,000 jobs. It includes an outgrower scheme, expansion of existing projects and 10 new projects in eight states. The council has signed a $1 billion financing and construction deal with China's SINOMACH and set up a N10 billion fund with the Bank of Industry.

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