FG, China Partner on $1bn Sugar Development Project
In a landmark move to deepen industrialization and enhance food security, Nigeria and China have signed a $1 billion Memorandum of Understanding to accelerate sugar production and reduce the nation’s dependence on imports.
The agreement, sealed between Nigeria’s National Sugar Development Council (NSDC) and Chinese state-owned conglomerate, SINOMACH, is expected to transform Nigeria’s agricultural landscape and stimulate rural economies.
The project, which aligns with the Nigeria-China Strategic Partnership framework under President Bola Tinubu’s administration, aims to locally produce one million metric tonnes of sugar marking a significant milestone in the implementation of Nigeria’s Sugar Master Plan.
Speaking at the signing ceremony in Abuja, Executive Secretary of the NSDC, Mr. Kamar Bakrin, described the initiative as a catalyst for job creation, rural revitalization, and foreign exchange savings.
He noted that the year 2025 would be crucial in shaping the country’s sugar production trajectory.
The first phase of the initiative includes the construction of a sugarcane plantation and a processing plant with an annual capacity of 100,000 metric tonnes.
