Trade minister: FG to offer incentives to attract local, foreign sugar investments

Doris Uzoka-Anite, minister of industry, trade, and investment, says the federal government will introduce an initiative to attract more investment opportunities in the sugar sector.

The minister spoke during a tour of the Dangote Sugar Refinery Plc, according to a statement on Tuesday by the ministry.

According to the ministry, the visit to the refiner is part of a tour of sugar companies; BUA Sugar Refinery Ltd, Flour Mills Limited, Bestaf Ltd, Golden Sugar Company, and the Coca-Cola Hellenic Bottling Company (CHBN).

The ministry said the tour, which began on January 8, 2024, and will end on January 11, 2024, will showcase the federal government’s commitment to fostering growth, innovation, and sustainability within the manufacturing sector.

Uzoka-Anite said there is a potential initiative by the government to de-risk and provide investment opportunities in the sugar sector.

She said the plan involves enhancing the investment climate by offering incentives and reducing bureaucratic hurdles, thereby attracting both local and international investors.

The minister also addressed the issue of sugar pricing, assuring stability in price, especially during the Ramadan period, between March and April.

“Today, I witnessed a standard of innovation and commitment to quality. We stand firm in ensuring stable sugar prices, crucial for Nigerians, particularly during Ramadan,” Uzoka-Anite said. 

“Let’s forge ahead, creating a sustainable and flourishing sugar industry for all.” 

Uzoka-Anite pledged the federal government’s full support and announced a potential collaboration between the National Sugar Development Council and the Industrial Training Fund (ITF). 

This partnership, she said, will generate more employment opportunities and lead to more job prospects.

She also revealed plans for collaboration with the ministry of science, technology, and innovation to provide state-of-the-art machinery and equipment that will lower imports and advance global standards.

The trade minister emphasised that low performance in the sugar master plan would no longer be tolerated, emphasising that subpar performance in the sugar master plan will not be accepted going forward.  

Concluding the tour on the first day, the team visited the CHBN.