FG targets $7.1bn in sugar investments and 110,000 jobs over 10 years

Nigeria’s federal government plans $7.1 billion in sugar-industry investment over 10 years to produce more than two million tonnes annually, create 110,000 jobs and save $2.1 billion in foreign exchange each year. Coordinated by the National Sugar Development Council (NSDC), the programme proposes 10 integrated sugar estates across eight states, covering 143,478 hectares. The estates could produce 835,000 tonnes of sugar annually, while existing operators are expected to add 1.22 million tonnes. The NSDC is seeking $5 billion in long-term debt and $2.1 billion in equity, and disclosed a $1 billion agreement with China’s Sinomach, though financing arrangements are not yet complete.