Nigeria Targets $2.1 Billion Annual Forex Savings Through Sugar Self-Sufficiency Plan

Nigeria could save about $2.1 billion annually in foreign exchange if it achieves self-sufficiency in sugar production under a 10-year programme being implemented by the National Sugar Development Council (NSDC).

The council’s Executive Secretary and Chief Executive Officer, Kamar Bakrin, disclosed the projection on October 12, 2026, during a presentation to the new leadership of the Commerce and Industry Correspondents Association of Nigeria in Abuja.

The $7.1 billion programme is designed to increase annual domestic sugar production to more than two million metric tonnes, exceeding Nigeria’s current demand of approximately 1.8 million metric tonnes.

Bakrin said the programme’s 10 greenfield projects had progressed beyond the planning stage, with promoters identified for all the proposed estates. The projects cover 143,478 hectares of land and are expected to have a combined processing capacity of 55,500 tonnes of sugarcane daily.

Each estate is designed to produce sugar, ethanol and electricity, creating opportunities to generate additional revenue while supporting industrial development.

The programme is projected to create 110,000 direct and indirect jobs, improve the livelihoods of more than one million people and increase the gross domestic product of host communities by over 100 per cent within 10 years.

The council is also targeting a reduction of approximately two million metric tonnes of carbon dioxide equivalent in annual greenhouse gas emissions.

The strategy combines the development of 10 new estates with improvements to existing facilities and expansion by established operators. Together, the 13 projects are expected to produce more than two million metric tonnes of sugar annually.

All 10 greenfield projects are undergoing independent technical reviews to assess their readiness for financing and implementation.

Achieving the targets could reduce Nigeria’s dependence on imported sugar, ease pressure on foreign exchange reserves and strengthen domestic agricultural production. However, the projected savings will depend on the successful completion of the projects, adequate financing and sustained production at the planned capacity.