The federal government has said that it would provide special incentives for investors in the sugar industry, especially those that have keyed into government’s Backward Integration Policy in the sector.
Mr. Olusegun Aganga, minister of industry, trade and investment, said this during an assessment tour of existing facilities of major sugar refineries in Lagos. The refineries are Dangote Sugar Refinery, BUA Sugar Refinery and Golden Sugar Refinery.
He noted that the incentives would be similar to what was given to investors who had keyed into government’s Backward Integration Policy in the cement industry, adding that the move would help the country to achieve self sufficiency in sugar production for both domestic consumption and export.
The minister said: “We are fully aware that the processes of optimizing the whole value chain in terms of moving from sugarcane to sugar take quite some time and require huge investment. That is why we have asked the operators of sugar refineries to provide us with their strategic and detailed action plans on backward integration in terms of what they want to do in 2013, 2014, 2015 and 2016. In addition, we want to see the practical demonstration of their commitment to the implementation of the policy.”
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