Kamar Bakrin, executive secretary and CEO of the National Sugar Development Council (NSDC), has urged both domestic and foreign businesses to capitalize on expanding prospects in Nigeria’s sugar industry. He stated that with a $2 billion domestic market and access to a $7 billion export market across Africa, now is the best moment to invest.
Bakrin stated at a media event in Lagos that Nigeria’s sugar demand is approximately two million metric tonnes per year, making local production both realistic and lucrative. “The economics are compelling,” Bakrin stated, citing the industry’s strong net present value (NPV) and internal rate of return (IRR). Recent currency exchange rate fluctuations, he continued, have tipped the scales even further in favor of domestic production over imported goods.
Bakrin emphasized that the government is dedicated to assisting investors, with incentives in place through the Backward Integration Plan (BIP). He promised potential investors of secure land access, appropriate funding for company needs, and worldwide experience to support local enterprises.
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Bakrin implemented a host community integration plan to ensure that the industry’s expansion benefits all stakeholders. This model mandates firms to set aside a portion of their capital for community development projects such as schools, clinics, and roads. Furthermore, a percentage of managerial positions are reserved for locals, fostering stronger relationships between sugar operations and host communities.
Bakrin, who was nominated by President Bola Tinubu in October, detailed his plan to achieve national sugar self-sufficiency in the next eight years. He designated 2025 the “Year of Acceleration” for Nigeria’s sugar sector, with plans to increase production capacity through increased finance, expansion of commercial sugarcane planting, and advances in personnel training and seed research.
With an emphasis on high-value sugar-based byproducts such as ethanol and bioplastics, the NSDC president predicts a profitable future for investors in Nigeria’s sugar business, fueled by both strong domestic demand and tremendous export possibilities across Africa.
