The National Sugar Development Council (NSDC) and the Bank of Industry (BOI) have established a N10 billion Sugar Project Acceleration Fund
This is aimed at assisting the development of new sugar projects and strengthening the nation’s domestic sugar industry.
The initiative, known as the Sugar Project Acceleration Fund (SPAF), is designed to provide financing and project development support for viable greenfield sugar projects across the country.
The Council hosted an interactive session where officials from both institutions engaged potential beneficiaries and guided project promoters seeking to access the facility.
Speaking at the event, the Executive Secretary and Chief Executive Officer of the NSDC, Kamar Bakrin, said the fund was created to help bridge the gap between project ideas and investor-ready ventures.
He explained that while development finance institutions and investors had funds available for agro-industrial projects, the major challenge lied in the readiness of projects to meet financing standards.
Bakrin however revealed that successful projects must meet strict technical and financial requirements before they could attract investment.
Edited by Favour Owonibi.