The Federal Executive Council meeting presided over by President Muhammadu Buhari on Wednesday, approved the second phase of the National Sugar Master Plan, extending it by an additional 10 years.
Minister of Industry, Trade and Investment, Niyi Adebayo disclosed this while interacting with the media, where he noted that the first phase which was inaugurated in 2012 expires by 2023, next year.
While stating that investment in the national sugar policy is aimed at stimulating self-sufficiency in the commodity, Adebayo said no fewer than 15,000 jobs have been created through key players in the industry.
The Minister listed Dangote, BUA, and the Golden Sugar mills among key stakeholders jointly owning about 200,000 hectares of sugarcane plantation in the country.
His words, “Today, my ministry brought a memo seeking Council’s approval for the second phase of the National Sugar Master Plan. In 2012, the first phase of the sugar master plan was approved lasting from 2012 to 2022.
“Today, Council approved the extension from 2023 to 2033. That’s for another 10 years. And the whole idea of the Sugar Master Plan is for the development of the sugar industry and 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. And part of the benefits of the sugar master plan 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 flour mill, and Care Africa Group which bought the Baccita sugar mill.
“They have jointly created 15,000 jobs, and they have almost about 200,000 hectares of land that has been acquired for the production of sugarcane to enable them to produce sugar locally. So Council approved phase two of the National Sugar Master Plan”.