Home Industry FG kick starts Backward Integration Policy in Sugar

FG kick starts Backward Integration Policy in Sugar

by Business News Report

Federal Government of Nigeria, on Tuesday, commenced the implementation of the Backward Integration Policy (BIP) in the sugar industry with the official signing off on the BIP plans and projects by three major sugar refineries in Nigeria. The event, which was chaired by the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, was attended by representatives of Dangote Sugar Refinery, BUA Group, Golden Sugar Refinery, the Ministries of Health, National Planning and the Nigerian Customs Service, among others.

The Federal Executive Council had on October 19, 2012, approved the Nigerian National Sugar Masterplan.  The NSMP is expected to generate about 170,000 new jobs across the country, ensure self sufficiency in sugar production, and conserve about $350million annually in foreign exchange. According to the plan, the sugar industry is also expected to produce about 1,797,000 tons of the commodity annually, while about 161.2 million litres of ethanol to  be produced will generate 400 MW of electricity, among others.

Speaking during the signing off ceremony in Abuja, Aganga said the event marked the beginning of the nation’s journey towards sound industrialisation, in line with the Nigerian Industrial Revolution Plan.  He said, “Today marks the historic beginning of the journey towards our nation’s industrial revolution, which is based on the areas where we have competitive and comparative advantage.

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