FG to create new jobs via National Sugar Masterplan

The Minister of Industry, Trade and Investment, Niyi Adebayo, recently disclosed that the Federal Government has approved Phase II of its 10-year National Sugar Masterplan with the goals of creating over 100,000 new jobs.

According to Mr Adebayo, public and private sector players in the sugar trade—such as Dangote, BUA and Golden Sugar—had created 15,000 jobs while more efforts would go into the national sugar policy aimed at stimulating self-sufficiency in the commodity.

“The Ministry of Industry, Trade and Investment brought a memo seeking Council’s approval for the second phase of the National Sugar Masterplan. In 2012, the first phase of the sugar master plan was approved, lasting from 2012 to 2022.

“The Council approved the extension from 2023 to 2033. That’s for another 10 years and the whole idea of the Sugar Masterplan is for the development of the sugar industry for self-sufficiency in sugar production.

“The plan has several policy measures or fiscal incentives to stimulate demand and attract private sector investment in the sugar industry. Part of the benefits of the sugar masterplan is the local production of sugar. We have under phase one, four major investors investing in the industry. These are Dangote Sugar, BUA Sugar, Golden Sugar Company, which is a flour mill, Care Africa Group, which bought the Baccita sugar mill.

“They have jointly created 15,000 jobs, and they have over almost 200,000 hectares of land that have been acquired for the production of sugarcane to enable them to produce sugar locally”.

Source: FG to create new jobs via National Sugar Masterplan – StocksWatch (stocksng.com)

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