Dangote, BUA To Benefit From CBN’s $73 million Sugar Fund

The Central Bank of Nigeria (CBN) will disburse the $73 million on behalf of the government to develop the sugar sector infrastructure with irrigation facilities on 10,000 hectares of sugar plantation.

Dangote Sugar, BUA Sugar and other operators in the sugar industry will benefit from this intervention fund.

The Minister of Industry, Niyi Adebayo, disclosed this in Abuja on Monday. It was gathered that the 10,000 hectares of sugar plantations will be located in six sites in Northern Nigeria, as the FG reiterated its commitment to the National Sugar Development master plan.

“The intervention is the setting up of a $73 million intervention fund for irrigation for operators of the sugar backward intervention programme.” Adebayo said.

He further stated that, “The goal is to support the development of irrigation infrastructure on 10,000 hectares of sugar plantations located in six sites in Numan, Adamawa State; Sumti, Niger State; Lafiagi, Kwara State; Bacita, Kwara State; as well as Toto and Tunga, both in Nasarawa State.”