The National Sugar Development Council (NSDC) and the Nigerian Export-Import Bank (NEXIM) have forged a major partnership to enhance financing for large-scale sugar projects in Nigeria. The collaboration, highlighted in a recent statement, took place during a meeting in Abuja and aims to revolutionize the country’s sugar sector through the Engineering, Procurement, Construction plus Financing (EPC+F) model. This model will involve the NSDC in developing robust sugar projects while NEXIM Bank will focus on mobilizing capital and facilitating access to international export credit agencies, along with risk mitigation resources.

NSDC’s Executive Secretary, Mr. Kamar Bakrin, emphasized that the previous reliance on short-term funding has hindered progress toward achieving sugar self-sufficiency. He argued that the sugar industry necessitates long-term, stable financing to effectively meet production goals. Bakrin stated that only through commitment to substantial investments backed by policy certainty can Nigeria hope to address its sugar shortfall and enhance domestic production capabilities.

This strategic agreement is a significant move in the context of Nigeria’s agricultural policy, especially considering the country’s aspirations to become less reliant on sugar imports. By fostering an environment for sustainable growth in local sugar production through enhanced financial support, this partnership could have enduring impacts on the industry, potentially leading to job creation and boosting the economy.