{"id":24695,"date":"2025-04-16T21:14:22","date_gmt":"2025-04-16T21:14:22","guid":{"rendered":"https:\/\/fctnewsgazette.com\/?p=24695"},"modified":"2025-04-16T21:14:23","modified_gmt":"2025-04-16T21:14:23","slug":"nsdc-chinese-firm-sign-1bn-sugar-production-deal-in-nigeria","status":"publish","type":"post","link":"https:\/\/fctnewsgazette.com\/?p=24695","title":{"rendered":"NSDC, Chinese Firm Sign $1bn Sugar Production Deal in Nigeria"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><em>By NAN<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The National Sugar Development Council (NSDC) and Chinese conglomerate, SINOMACH have agreed to jointly develop a large-scale sugarcane cultivation and processing project in Nigeria.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Executive Secretary of NSDC, Mr Kamar Bakrin, disclosed this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja, adding that the agreement was expected to attract investments worth up to $1 billion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to Bakrin, the initiative is one of the early outcomes of the Nigeria-China Strategic Partnership championed by President Bola Tinubu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A Memorandum of Understanding (MoU) has been signed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to the MoU, SINOMACH will construct a sugar processing plant and develop a sugarcane plantation with an initial annual processing capacity of 100,000 metric tonnes, with a long-term target of one million metric tonnes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He described the agreement as a strategic milestone in Nigeria\u2019s pursuit of self-sufficiency in sugar production.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201c2025 is a pivotal year for Nigeria, and we must make bold moves towards food security and economic self-sufficiency,\u201d he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bakrin explained that the project was expected to create thousands of jobs, stimulate rural infrastructure development, conserve foreign exchange, and serve as a model for Nigeria\u2019s broader industrialisation efforts.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThis partnership with SINOMACH is unique. It combines engineering, procurement, and construction (EPC) with development financing\u2014an essential model for agro-industrial transformation,\u201d he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He added that NSDC would provide all necessary support to ensure smooth project takeoff, including facilitating approvals, land acquisition, and other authorisations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Also, the Vice President of SINOMACH, Mr Li Yu, commended Nigeria\u2019s implementation of the Nigeria Sugar Master Plan (NSMP), calling it a \u201csweet revolution\u201d tied to food sovereignty and economic dignity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe believe this partnership will not only boost Nigeria\u2019s sugar self-sufficiency but also promote rural development, create employment, and enhance agricultural modernisation,\u201d he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Li added that SINOMACH was exploring RMB-based financing models to fund the project, which would help lower financing costs and speed up approvals in China.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He expressed confidence that the chosen host state could eventually become the \u201cSugar Bowl of West Africa.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By NAN The National Sugar Development Council (NSDC) and Chinese conglomerate, SINOMACH have agreed to jointly develop a large-scale sugarcane cultivation and processing project in Nigeria. Executive Secretary of NSDC, Mr Kamar Bakrin, disclosed this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja, adding that the agreement was expected to attract investments worth up to $1 billion. According to Bakrin, the initiative is one of the early outcomes of the Nigeria-China Strategic Partnership championed by President Bola Tinubu. A Memorandum of Understanding (MoU) has been signed. According to the MoU, SINOMACH will construct a sugar processing plant and develop a sugarcane plantation with an initial annual processing capacity of 100,000 metric tonnes, with a long-term target of one million metric tonnes. He described the agreement as a strategic milestone in Nigeria\u2019s pursuit of self-sufficiency in sugar production. \u201c2025 is a pivotal year for Nigeria, and we must make bold moves towards food security and economic self-sufficiency,\u201d he said. Bakrin explained that the project was expected to create thousands of jobs, stimulate rural infrastructure development, conserve foreign exchange, and serve as a model for Nigeria\u2019s broader industrialisation efforts. \u201cThis partnership with SINOMACH is unique. It combines engineering, procurement, and construction (EPC) with development financing\u2014an essential model for agro-industrial transformation,\u201d he said. He added that NSDC would provide all necessary support to ensure smooth project takeoff, including facilitating approvals, land acquisition, and other authorisations. Also, the Vice President of SINOMACH, Mr Li Yu, commended Nigeria\u2019s implementation of the Nigeria Sugar Master Plan (NSMP), calling it a \u201csweet revolution\u201d tied to food sovereignty and economic dignity. \u201cWe believe this partnership will not only boost Nigeria\u2019s sugar self-sufficiency but also promote rural development, create employment, and enhance agricultural modernisation,\u201d he said. Li added that SINOMACH was exploring RMB-based financing models to fund the project, which would help lower financing costs and speed up approvals in China. He expressed confidence that the chosen host state could eventually become the \u201cSugar Bowl of West Africa.\u201d<\/p>\n","protected":false},"author":2,"featured_media":24696,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-24695","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts\/24695","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24695"}],"version-history":[{"count":1,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts\/24695\/revisions"}],"predecessor-version":[{"id":24697,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts\/24695\/revisions\/24697"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/media\/24696"}],"wp:attachment":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24695"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24695"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24695"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}