March 09, (THEWILL) — The National Sugar Development Council (NSDC) has partnered with the Bank of Industry (BOI) to launch a ₦10 billion Sugar Project Acceleration Fund to boost the development of new sugar projects across Nigeria.
The fund is designed to provide financing and technical support for greenfield sugar projects, helping developers move early-stage concepts into fully structured, bankable investments. The initiative is expected to strengthen Nigeria’s sugar industry and accelerate efforts to increase domestic production.
Speaking on the initiative, NSDC Executive Secretary, Kamar Bakrin, noted that the major challenge facing many prospective sugar projects is not necessarily a lack of capital, but the absence of well-structured projects that meet investors’ financing requirements. According to him, the new facility will help bridge that gap by supporting project developers with the resources needed to prepare viable investment proposals.
The Sugar Project Acceleration Fund will function primarily as a pre-investment facility, offering project development support such as feasibility studies, financial modelling, environmental assessments and other advisory services required to make projects attractive to investors and lenders.
Under the partnership arrangement, the Bank of Industry will manage the fund and oversee key responsibilities, including credit appraisal, risk management, loan disbursement, monitoring and evaluation. The National Sugar Development Council will provide sector oversight and technical guidance to ensure the programme aligns with national sugar development objectives.
Officials also noted that the initiative will focus on building the technical and managerial capacity of project promoters to ensure that available funds are deployed effectively and that supported projects are successfully implemented.
Several sugar project promoters have already expressed interest in the initiative, including Illaj Sugar, Brent Foods, Crystal Sugar, Legacy Sugar, Saro Sugar, Awaa, Ganic and Confluence Sugar.
The launch of the fund is expected to support Nigeria’s broader drive to expand local sugar production, reduce dependence on imports and stimulate investment in agro-industrial value chains, while creating employment opportunities across the sector.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
