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| Minister of Trade and Investment, Mr. Olusegun Aganga | credits: crudeoildaily.com |
The Federal Government has begun the implementation of the Backward Integration Policy in the sugar industry with the official signing of plans and projects by three major sugar refineries in the country.
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 and Golden Sugar Refinery, as well as ministries of Health and National Planning, and the Nigerian Customs Service, among others.
The National Sugar Master Plan, which was approved on October 19, 2012 by the Federal Executive Council, is expected to generate about 170,000 new jobs across the country.
It will also ensure self sufficiency in sugar production and conserve about $350m annually in foreign exchange.
According to the plan, the sugar industry is also expected to produce about 1.8 million tonnes of the commodity annually, while about 161.2 million litres of ethanol to be produced will generate 400 MW of electricity.
Speaking on Tuesday in Abuja during the signing ceremony, Aganga said the event signalled 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.
“Today is the demonstration that the implementation of the Backward Integration Policy in the sugar industry, which is a critical part of National Sugar Master Plan, has started.”
Source: Punch
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