Sugar Sector Attracts ₦480b

The Minister of Industry, Trade and Investment, Olusegun Aganga, has said the country attracted $3 billion (about ₦480 billion) investment into the sugar sector since the implementation of the National Sugar Master Plan (NSMP).

Approval of the NSMP by the Federal Executive Council (FEC) on the 19th September 2012 had raised the country’s profile, In line with the country’s desire to grow the industrial sector making it to rank among the top five exporters of sugar in Africa.

Mr. Aganga, said yesterday during the ministerial press briefing to mark the end of the 2013 series, that the gains made through the development of the manufacturing sector had led to a reduction on the country’s dependence on oil and gas, saying ₦305 billion was generated from non-oil export within the first quarter of 2013 and the FDI inflows of $7.03 billion was rated the first in Africa in 2012, explaining that the country was targeting production of 1.7 metric tons of sugar per annum.