The National Sugar Development Council and the Bank of Industry have launched a ten billion naira Sugar Project Acceleration Fund to support new greenfield sugar projects across Nigeria.
The fund will provide technical, financial, and advisory support to ensure projects are investor-ready, with a focus on sustainability, robust financial planning, land tenure, outgrower schemes, and experienced management teams.
Kamar Bakrin, NSDC Executive Secretary, said the initiative is results-driven rather than a grant, while Hadiza Shuaib of BOI explained that the bank will manage the fund, including credit appraisal, loan disbursement, and monitoring.
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The programme aims to boost Nigeria’s domestic sugar industry, complement other federal agricultural financing initiatives, and provide capacity-building support to businesses engaged in sugar production or related activities.
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