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The National Sugar
Development Council (NSDC) has revealed that it has N9.4 billion sugar
levy fund domiciled with the Bank of Industry (BOI) and Bank of
Agriculture (BOA) for management and lending to players in the sugar
sector.
The Executive
Secretary of NSDC, Dr. Latif Busari, while reviewing the activities of
the council in 2017 and making projections for 2018, further gave a
breakdown of the fund.
He said the N10bn
management agreement signed by the council with the BOI currently has
N5.9bn while the N5bn funds being managed by BOA now has N3.5bn.
He said the funds are being accessed by investors in the sugar value chain, including out-grower farmers and key investors.
The council also
revealed that it has reversed downward the 2018 sugar projection for the
country to 1.58 million metric tons from 1.6m metric tons initially
projected in the sugar master plan.
Dr. Busari also
stated that the council, along with relevant monitoring groups, has
concluded the review of the backward integration programme implemented
by participants adding that a new sugar import quota for participants
would be released in January based on the approval of Mr President.
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