Nigeria’s Sugar Industry Key To $1tr Economy Vision – Minister

The Minister of Industry, Trade and Investment, Dr. John Enoh, has emphasized the critical role of the sugar industry in achieving President Bola Tinubu’s $1 trillion economy vision.

Speaking at a one day public hearing on a bill to amend the National Sugar Development Council Act, organized by the house of representatives, Committee on Industry, Enoh noted that the sugar industry has the potential to drive rural development, create jobs, and generate significant value for the nation.

The minister emphasized the need for the industry to achieve real import substitution and sustainable local capacity, calling on stakeholders to work together to ensure the successful implementation of the National Sugar Master plan.

Declaring the public hearing Open, the Speaker of the house Dr Abbas Tajuden who was represented by the house Chief Whip, Usman Kumo said the bill aligns with the 10th House of Representatives’ Legislative Agenda, which focuses on refining existing laws to revitalize the economy, create jobs, and stimulate growth.

Dr Tajudeen noted that the amendment embodies the spirit of President Bola Ahmed Tinubu’s Renewed Hope Agenda, emphasizing good governance and transparency.

On his part , the Chairman of the Committee, Enitan Badru, emphasized the importance of a bill aimed at strengthening the National Sugar Development Council’s capacity to drive the National Sugar Master plan which is crucial to Nigeria’s economic development.

He emphasized that the sugar industry has the potential to create jobs, improve livelihoods, and contribute significantly to national development.

“The bill seeks to provide a framework for the National Sugar Development Council to effectively implement the National Sugar Masterplan, which aims to transform Nigeria into a net exporter of sugar and related products.

Badru urged stakeholders to contribute constructively to the development of the bill, stressing that their input is crucial to its success.

Meanwhile, Stakeholders in the Sugar industry have reaffirmed their commitment to the successful implementation of the National Sugar Master plan, which aims to transform Nigeria into a net exporter of sugar and related products.

The Executive Secretary of the National Sugar Development Council, Mr. Kamar Bakrin, emphasized the transformative goals of the Sugar Master plan, including the creation of 100,000 high-quality jobs and savings of over $1 billion in foreign exchange annually. However, he raised concerns over a recent directive mandating that 50% of the sugar levy be remitted to the Consolidated Revenue Fund, warning that it could undermine the sector’s transformation goals.

Other stakeholders, including the Nigeria Customs Service, National Agency for Food and Drug Administration and Control, BUA Group, and Flour Mills of Nigeria, also expressed their support for the bill.

They emphasized the need for transparency and efficiency in the sugar industry and called for clarification of grey areas to ensure transparency and effectiveness.

“The proposed legislation is titled “A Bill for an Act to Amend the National Sugar Development Council Act, CAP N78 Laws of the Federation of Nigeria, 2024, to Provide for the Functions and Powers of the Council, and the Payment of All Monies Received by the Council into the Federation Account in Accordance with Section 162 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), and for Related Matters” (HB.2022 and HB.2030).

Oduyemi Odumade, Edited By Grace Namiji