The National Sugar Development Council (NSDC) and the Bank of Industry (BOI) in Nigeria have unveiled a N10 billion Sugar Project Acceleration Fund aimed at supporting the development of greenfield sugar projects throughout the country. This initiative is part of a broader effort to enhance the sustainability and competitiveness of the sugar industry, which is critical for Nigeria's agricultural sector and economic diversification.

The fund is designed to provide not just financing but also project development support for viable greenfield projects, which are new investments that will further the growth of the sugar sector. During an interactive session hosted by the NSDC, potential beneficiaries were educated about the fund and its requirements, emphasizing the importance of strategic planning and technical expertise in successfully launching such projects.

Kamar Bakrin, the Executive Secretary and CEO of NSDC, highlighted that mere availability of capital is insufficient for increasing sugar production. He stressed the need for comprehensive planning and development strategies, indicating that financial backing must be paired with effective project execution to achieve desired outcomes. This fund reflects a significant step towards building a self-sustaining sugar industry in Nigeria that can contribute to the country's economic growth and food security.