The Federal Government has approved the setting up of a $73 million intervention fund for irrigation, to boost the Sugar Backward Integration Programme.
Minister of Industry, trade and Investment, Niyi Adebayo disclosed this to State House Correspondents yesterday.
The Minister, who was speaking after the signing of an agreement between the government and the operators of the Sugar Backward Integration Programme at the State House, said the goal is to support the irrigation programme for 10,000 hectares of sugarcane plantations in the country
“This morning I represented the President at the formal commissioning of the Presidential project on irrigation infrastructure. The intervention is the setting up of a $73 million intervention fund for irrigation for operators of the Sugar backward Intervention Programme.
“The goal is to support the development of irrigation infrastructure on 10,000 hectares of sugar plantations located in six sites in Numan (Adamawa State), Sumti (Nigeri State), Lafiagi (Kwara State), Bacita (Kwara State) as well as Toto and Tunga, both in Nasarawa State”, he said.
The Minister said funding for the programme would come from the Central Bank of Nigeria (CBN), saying “the Central Bank of Nigeria is also involved in the provision of required funding for the project as well’.
Adebayo revealed that the aim of the programme is to increase Nigeria’s sugar yield in line with its quest of becoming self-sufficient in Sugar production.
“The aim is to increase significantly the sugar yield so that we can work within the National Sugar Development Plan master plan, with a view to Nigeria becoming self-sufficient in sugar production and possibly become a net exporter of sugar thus saving the country the large bill that it presently incurs in foreign exchange for the importation of sugar,” he said.
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