Nigeria Invites Investors to Tap into Nigeria’s Lucrative Sugar Market

Abuja, Nigeria – The Federal Government of Nigeria has extended an invitation to both domestic and international investors to capitalize on the country’s burgeoning sugar industry, estimated to be worth $2 billion.

Kamar Bakrin, Executive Secretary and CEO of the National Sugar Development Council (NSDC), highlighted Nigeria’s substantial annual sugar consumption, ranging from 1.4 to 1.6 million metric tonnes. The NSDC’s strategic goal is to significantly curtail the nation’s reliance on sugar imports, currently sourced primarily from Brazil, which accounts for approximately 96% of Nigeria’s sugar needs.

Bakrin emphasized the compelling economic case for investing in Nigeria’s sugar industry, citing the robust and growing domestic demand. He further noted that the recent fluctuations in currency exchange rates have made imports increasingly expensive, making domestic production a more economically viable option.

To facilitate local production and reduce import dependency, the federal government has implemented the Backward Integration Plan (BIP), which provides supportive policies and incentives for domestic sugar producers. The NSDC has also introduced a community integration model, requiring sugar project operators to invest in local development initiatives such as schools, clinics, and infrastructure. This approach ensures that local communities benefit from the industry’s growth and enhances its overall sustainability.

With a broader vision, the NSDC aims to tap into the wider African sugar market, valued at $7 billion, while concurrently adding value to the Nigerian economy through the production of high-value byproducts like ethanol, bioplastics, and packaging materials.

To accelerate the growth of the sugar industry, the NSDC has declared 2025 as “the year of acceleration.” The council is actively seeking funding to support both domestic and foreign investors in their sugar-related ventures within Nigeria.

The National Sugar Master Plan (NSMP), extended for another ten years in 2022, sets an ambitious target of achieving annual sugar production of 1.7 to 1.8 million metric tonnes by 2033. This goal, if realized, will eliminate the annual expenditure of $350 million on sugar imports and create 110,000 jobs, contributing significantly to Nigeria’s economic growth and self-sufficiency in the sugar sector.