NSDC, BOI Unveil N10bn Fund to Accelerate Sugar Industry Growth
The National Sugar Development Council and Bank of Industry have launched a ₦10 billion Sugar Project Acceleration Fund aimed at financing and providing technical support to viable projects to fast-track the development of a sustainable and competitive sugar industry.
The assistance is designed to strengthen local sugar production and reduce Nigeria’s dependence on imports by supporting projects with clear commercial potential. Officials said the fund will offer both financing and technical backing to accelerate industry growth and improve the viability of new sugar ventures.
During an interactive session with potential beneficiaries, NSDC and BOI officials educated project promoters on the requirements and advantages of the fund, outlining eligibility criteria and the benefits available to qualifying projects.
They emphasized that the initiative is structured to help transform early-stage projects into bankable ventures capable of attracting private investment. Executive Secretary and CEO of the NSDC, Kamar Bakrin, reiterated that access to capital alone does not guarantee successful sugar production.
He stated that sustainable sugar development requires sound feasibility studies, robust financial models, and competent management structures to ensure long-term success. The programme forms part of Nigeria’s broader strategy to boost domestic sugar production, create employment, and reduce reliance on imports.
Industry analysts believe that strengthening local sugar manufacturing will enhance food security and stimulate agro-industrial growth. With the new fund, authorities aim to attract credible investments and build a resilient sugar sector capable of meeting domestic demand while contributing to economic diversification.
