Sugar Industry

sugar

Nigeria’s local sugar suppliers cannot meet the demand for this product. The government also imposed tariffs on imported white sugar and levies on imported raw sugar to guarantee a ready market for potential sugar processing investors.

Nigeria’s sugar industry is under-developed and despite some investment in recent years, large quantities are still imported. Annual demand is estimated at 3.5 million tonnes per annum but only 2.4 million tonnes is produced locally.

Under the common external tariff (CET) there is currently a 50% tariff on the importation of white sugar, and a 5% levy on imported raw sugar. This is to stimulate the refining of raw sugar in Nigeria.

Sugar cane is currently grown in several states in Nigeria. Investors can choose to either plant their own sugar cane or buy from the numerous small-scale farmers.

Incentives
The Nigeria Federal Government is offering a range of incentives to investment in agriculture and agri-processing. These include:

 

The Interest Drawback Program Fund provides a 60% repayment of interest paid by those who borrow from banks under the ACGS, for the purpose of cassava production and processing. To qualify for these repayments, borrowers need to repay their loans on schedule

Contact us today if you are interested in this or other investment opportunities.


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