The National Sugar Development Council, NSDC has signed a Memorandum of Understanding, MoU with a Chinese conglomerate for the development of a sugarcane cultivation and processing project in Nigeria.
The MoU, which is an early fruit of the Nigeria-China Strategic Partnership, an initiative of President Bola Ahmed Tinubu, has the potential to attract investments of up to one billion dollars into the Nigeria sugar industry.
According to the agreement, the Chinese company, SINOMACH is set to start by constructing a sugar production plant and sugarcane plantation with an annual production capacity of one hundred thousand metric tonnes, while the NSDC will facilitate the necessary approvals to undertake the project.
Speaking at the signing ceremony, in Abuja, the Executive Secretary of the NSDC, Kamar Bakrin, who reiterated that 2025 represents a pivotal year for accelerated development in the country, said the project was capable of producing one million metric tonnes of sugar in the Nation.
Also speaking, the Vice President of the Chinese company, Li Xiao Yu, lauded the co