The National Sugar Development Council (NSDC) and the Nigerian Export-Import Bank (NEXIM Bank) have partnered to boost the country’s sugar industry. They aim to secure long-term financing for large-scale sugar projects using the Engineering, Procurement, and Construction plus Financing (EPC+F) model.

The NSDC will develop bankable projects and mobilize equity, while NEXIM Bank will help access international funding and provide risk-mitigation instruments. This partnership targets Nigeria’s sugar market valued at $2 billion and the broader African market worth $7 billion.

Executive Secretary of the Sugar Development Council,Kamar Bakrin says Nigeria needs “patient, long-tenor financing” to achieve sugar self-sufficiency. The partnership will support sugarcane cultivation and processing, creating jobs and boosting the economy. The EPC+F model has already secured $1 billion in financing for sugar projects.

The project is expected to save Nigeria $300 million annually through import substitution, create 50,000 jobs, and enable 25% import substitution within 5-10 years.

Barkin noted that the NSDC is working to codify the Nigeria Sugar Master Plan into law to ensure policy continuity and attract investors.

NEXIM Bank’s Managing Director Abba Bello also noted that the bank is committed to supporting viable export-oriented projects. The partnership aims to enhance Nigeria’s competitiveness in regional and international markets, driving economic growth and development

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