The Federal Government has announced the launch of a $73 million intervention fund to boost the development of sugar plantations in the country.
This was revealed on Monday by the Minister of Industry, Niyi Adebayo, at the formal commissioning of the sugar infrastructure intervention programme.
The event which held in Abuja was themed, “Presidential Intervention On Irrigation Infrastructure to Accelerate Sugar Backward Integration Programme Projects.”
Speaking at the event, Adebayo, who represented President Muhammadu Buhari, said the intervention fund is aimed at supporting the development of irrigation facilities on 10,000 hectares of sugar plantation, for operators of the sugar backward intervention programme.
“This morning I represented the President at the formal commissioning of the Presidential project on irrigation infrastructure,” Adebayo said.
“The intervention is the setting up of a $73 million intervention fund for irrigation for operators of the sugar backward intervention programme.
“The goal is to support the development of irrigation infrastructure on 10,000 hectares of sugar plantations located in six sites in Numan, Adamawa State; Sumti, Niger State; Lafiagi, Kwara State; Bacita, Kwara State; as well as Toto and Tunga, both in Nasarawa State.
“The Central Bank of Nigeria is also involved in the provision of required funding for the project as well.
“The aim is to increase significantly the sugar yield so that we can work within the National Sugar Development Plan master plan, with a view to Nigeria becoming self-sufficient in sugar production and possibly become a net exporter of sugar thus saving the country the large bill that it presently incurred in foreign exchange for the importation of sugar,” he said.
Zacch Adedeji, the Executive Secretary, National Sugar Development Council (NSDC), said the intervention was part of the government’s resolve to provide an enabling environment for private investments to thrive in Nigeria.
