More Employments for Nigerians as FG Launches New Nigeria Sugar Master Plan

• The federal government of Nigeria started an ambitious project called the Nigeria Sugar Master Plan II
• In addition to producing sugar, it seeks to produce power and ethanol and create a large number of jobs
• To increase the return on investments in sugarcane, the plan aggressively supports new sugar operations

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The Nigeria Sugar Master Plan II, an ambitious initiative launched by the federal government, aims to generate ethanol and electricity and create many jobs in addition to sugar production.

Based on research by the nation's sugar council, this new initiative seeks to overcome the inadequacies of its predecessor, NSMP I, to become self-sufficient in raw sugar and create a competitive position in the African market.

Although NSMP II's main objective is to increase local raw sugar output to two million metric tonnes, the plan actively promotes new sugar projects to maximise the return on investments in sugarcane by looking at alternatives outside of sweeteners.

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Among the lofty goals for byproduct creation are 1.6 million metric tonnes of animal feed, 400 megawatts of power, and 161 million litres of ethanol.

One of the primary components of the seven-pillar plan supporting NSMP II is this diversification. Choosing lucrative sugar cane fields, employing capable and motivated workers, and attracting the finest available capital, estimated at $4.5 billion, are all key components of the approach.

Furthermore, NSMP II prioritises applied research and development to raise cane yields to 120 MT/ha and sugar content to 20% Brix, focusing government intervention on targeted assistance and interventions like irrigation and seed cane.

In addition, The Punch reported that 110,000 jobs will be created and the cost of producing sugar will be lowered to $400 per tonne.

The plan also calls for employment and inclusive host community development through outgrower programs.

With the goal of putting 50,000 hectares of land under sugarcane cultivation, the push for greater production depends on a change brought about by commercial farming.

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This entails both extending existing sugar estates (brownfield projects) and creating new locations around the country (greenfield projects). About 70% of the total sugar production is anticipated to come from brownfield projects, with the remaining 30% coming from greenfield developments.

The National Sugar Development Council states that a supportive legislative and regulatory environment, as well as efficient performance management, are essential to the success of NSMP II.

Keystone Bank takes over sugar company over N25 billion debt

Legit.ng reported that Bacita Sugar Company (formerly Josepdam Sugar Company) has been taken over by Keystone Bank due to nonpayment of a debt of N25,358,203,258.09.

With immediate effect, Yunus Abdulsalam (SAN) was named the firm's receiver and manager.

The came after the Federal High Court in Ilorin issued an injunction requiring the bank to collect its debt from the Josepdam Sugar Company's buyer, KIA Africa Group of Africa.

Source: Legit.ng