The Nigerian Sugar Council has called for an investment of $7.1 billion to achieve sugar self-sufficiency in the country, according to multiple reports. The push for investment comes as the council seeks to address Nigeria’s reliance on sugar imports, which currently accounts for over 70% of the country’s consumption. According to Peoples Gazette Nigeria, the investment would be directed towards expanding existing sugar farms, building new ones, and establishing sugar processing plants. The Whistler Newspaper also reported that the investment drive aims to create 1.5 million jobs and save $2.1 billion in foreign exchange annually. However, the Nigerian National Petroleum Corporation (NNPC) has not said when the facility began operating or provided further details about the investment drive. It is unclear whether the government has committed to providing any funding for the project. This move towards sugar self-sufficiency could have significant implications for Nigeria’s economy, as the country is the world’s sixth-largest sugar importer. The investment drive is part of the Nigerian government’s broader efforts to boost the agricultural sector and reduce the country’s reliance on food imports.
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