Some loopholes in the legislation of the Nige ria Sugar Master Plan (NSMP) II must be addressed for full realisation of the 2025 sugar development plan, Executive Secretary/CEO of the National Sugar Development Council (NSDC), Mr. Kamar Bakrin, has pointed out.
Bakrin shared the Council’s comprehensive plan with the House of Representatives Committee on Industry over the weekend in Calabar, in Cross River state.
The Committee members, who attended the retreat, therefore, agreed in principle to take a serious look at the law establishing the Council and make necessary amendments that will empower the Executive Secretary and his Management team to successfully pursue the advancement of the Nigeria Sugar Master Plan (NSMP) II.
A statement issued by NSDC quoted the CEO as say – ing: “Our focus in 2024 has been on resetting the agenda and realigned the industry to the high expectations of Nigerians. For us, 2025 is the year of acceleration.
This is not a choice but a must, given our macroeconomic realities and the tremendous benefits we know are possible from the cultivation and processing of sugarcane.
“Our key priorities for 2025 are to (i) Accelerate to pace of project development; (ii) Faciitate investment of $5bn into the Sector; (iii) Ensure our priority greenfield projectsare ready for investment; and (iv) Strengthen NSDC’s capacity to develop the sector.
“We have set out the initiatives to be executed in 2025 that will drive the realisation of these objectives. One of these key initiatives is the amendment of the NSDC Act to address loopholes created by conflicting policies and codify its market protection provisions.
“This is a key requirement that emerges in all our conversations with our current and potential investors and financiers. As usual, we shall be counting on the House Committee for your guidance and support in making this happen in 2025.
“We are most grateful for the continued intervention and direction which this event is privileged to receive from Mr. President which has resulted in the resolution of key issues which were hindering its performance and provides investors with the confidence that the Nigerian Sugar Industry is a viable investment option.”
Mr. Bakrin who resumed office on October 16, 2023, after his appointment by President Bola Tinubu, also shared with the Committee members how the journey has been in the last one year.
“Since my resumption in office, we have sought to address the fundamental issues which held back investment in the sector such as – How can sugar production become viable in Nigeria? How do we extract all the benefits of sugarcane processing?
How do we better align the NSMP’s incentives to performance? How do we reposition NSDC as a worldclass Development Agency and not just a Regulator? “Working with our investors and stakeholders, we have reimagined NSMP II.
The objectives of NSMP II are now threefold – to attain self-sufficiency in sugar production; develop a globally competitive sector and become the cost leader in Africa; and develop an inclusive and sustainable sugar sector.”
The Committee Chairman, Dolapo Enitan Badru, commended the NSDC boss and his management team for the ‘impressive’ work they have done in the last one year.