The Federal Government has concluded plans to provide N2 billion Agricultural and Infrastructure Support Fund for investors in the sugar industry.
Olusegun Aganga, the minister of industry, trade and investment, disclosed this during the quarterly meeting with the directors general and chief executive officers of agencies and under the ministry in Abuja.
Aganga noted that the intervention fund, which will be disbursed at a single digit interest rate, would serve as cheap and affordable capital for investors who are investing in the backward integration programme of the Federal Government in the sugar sector.
He said, “The National Sugar Development Council, a parastatal under my ministry, is providing N1 billion from the sugar levy while the Bank of Agriculture will provide a matching fund of additional N1 billion as intervention fund to assist investors and farmers who are investing in the sugar-cane to sugar programme, which is an integral part of the backward integration programme in the sugar sector.
“The fund, which will be disbursed at a single digit interest rate, is part of our on-going efforts towards providing an enabling environment for Nigerians the Bank of Agriculture will provide a matching fund of additional N1 billion as intervention fund to assist investors and farmers who are investing in the sugar-cane to sugar programme, which is an integral part of the backward integration programme in the sugar sector.
“The fund, which will be disbursed at a single digit interest rate, is part of our on-going efforts towards providing an enabling environment for Nigerians to take advantage of the Federal Government’s sector specific policies that are aimed at industrialising our country and creating jobs for our people.”
The minister added that the Nigerian Sugar Master Plan, which provides the roadmap for 100 percent local production of sugar, has within one year of its implementation raised the country’s profile by attracting about $3 billion pipeline investments into the sector.
