Nigeria’s sugar sector is getting a major push as the National Sugar Development Council (NSDC) and Bank of Industry (BOI) launch a N10 billion Sugar Project Acceleration Fund (SPAF) to support greenfield sugar projects.
The fund aims to turn early-stage sugar project ideas into bankable investments by providing technical, financial, and advisory support to viable promoters. NSDC Executive Secretary Kamar Bakrin said many sugar projects fail to attract funding due to weak feasibility studies, poor financial planning, or lack of infrastructure readiness. SPAF addresses these gaps, ensuring projects are investor-ready with strong environmental and social governance standards.
BOI will manage the fund, handling credit appraisal, risk management, disbursement, and monitoring, while NSDC provides sector guidance. The initiative also focuses on skills development and capacity building to ensure long-term project sustainability. Eligible businesses must be directly involved in sugar or sugar-related activities.
Prominent greenfield promoters like Illaj Sugar, Brent Foods, and Crystal Sugar are already on board. The fund is expected to strengthen Nigeria’s sugar value chain and drive new large-scale projects nationwide.
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