Nigeria is successfully increasing its revenue by focusing on the production of sugar.
The 10-year sugar master plan that continued from the 2012-22 period helped the country save $350 million in foreign reserves annually and generated 110,000 direct and indirect jobs in the sugar sector.
The Federal Executive Council, FEC has approved the second phase of the National Sugar Masterplan.
Niyi Adebayo, Industry, Trade and Investment Minister of the country said, “We are planning to save $65.8 million on ethanol import and generate 400 megawatts of electricity.”
The second phase will run from 2023 to 2033 and will work on developing the sugar industry toward self-sufficiency in sugar production.
The sugar refinery capacity of Nigeria is three million metric tons of raw sugar per year at present. Nigeria is expecting to produce 1.7 to 1.8 million metric tons of sugar per year which would help the country save $350 million that is spent on the importation of raw sugar.
The country is also expecting to produce 161 million liters of ethanol and 1.6 million tons of animal feed every year.
