- The Central Bank of Nigeria in its bid to boost sugar production will be releasing N30 billion to various companies
- The programme has been approved by President Buhari and will be targeted at increasing Nigeria’s sugar yield
- Aliko Dangote and Abdul Samad Rabiu are the two major competitors in Nigeria's sugar industry
The Federal Government's $73 million sugar intervention fund is likely to help Dangote Sugar, BUA Sugar, and other sugar sector players.
The Central Bank of Nigeria (CBN) will distribute the $73 million (N30.7 billion) on behalf of the government to help build Nigeria's sugar industry infrastructure.
Niyi Adebayo, Minister of Industry, announced this in Abuja on Monday, 20 December 2021 during the ceremonial commissioning of the sugar infrastructure rehabilitation program.
The programme which is themed, Presidential Intervention on Irrigation Infrastructure to Accelerate Sugar Backward Integration Programme Projects will see the development of irrigation facilities on 10,000 hectares of the sugar plantation.
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The facilities will be located in six sites in Northern Nigeria, as the FG reiterated its commitment to the National Sugar Development master plan, The Cable reports
What the Minister is saying?
"The intervention involves the establishment of a $73 million irrigation intervention fund for sugar backward intervention program operators."
He further stated that:
“The purpose is to fund the development of irrigation infrastructure on 10,000 hectares of sugar plantations in Numan, Adamawa State, Sumti, Niger State, Lafiagi, Kwara State, Bacita, Kwara State, and Toto and Tunga, both in Nasarawa State."
Dangote's reaction to Nigeria's sugar self-sufficiency
In October Aliko Dangote had called on Nigeria to return to its sugar master plan nothing that if it is adhered to, will save Nigeria between $600 million and $700 million annually as forex.
FG still waiting for payment from Togo, Benin, Niger for electricity supplied worth over N700m in three months
Dangote Cement, MTN Nigeria lead list of the 10 biggest companies
Legit.ng had earlier reported Dangote Cement and MTN Nigeria are the two biggest publicly listed companies in Nigeria as of October 2021.
The two firms are among the five biggest companies in the exclusive club of over N1 trillion market capitalisation.
Data from Nigeria Exchange shows as of October 2021, shows there are over 156 listed companies with a total share of over 41 million valued at over 21 trillion.