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Mr Zacch Adedeji, Executive Secretary of the National Sugar Development Council (NSDC) By Mon Jul 26 2021 Mr Zacch Adedeji is the Executive Secretary of the National Sugar Development Council (NSDC). In this interview, he said the target of Nigeria’s Sugar Master Plan is to end sugar importation and earn Foreign Exchange (forex) with sugar exports through Backward Integration Programme (BIP).
What is your assessment of the sugar industry in Nigeria? One of the greatest assets we have at the NSDC today is the Master Plan put in place by the agency. The Agency has succeeded in stopping the importation of refined sugar. The country was spending heavily on the importation of refined sugar hitherto to meet its consumption, which has now grown to 1.7 million metric tonnes. Through the instrumentality of the plan put in place by the agency, Nigeria now has a combined local production capacity that is about twice that. ....
Tongaat shares dive 27% as it staves off debt By Sandile Mchunu Share TONGAAT Hulettâs share price tumbled by more than 27 percent on the JSE after the troubled sugar producer and agri-processing company said yesterday that it had amended its debt reduction milestone to prevent a default. The share plunged to a low of R7.55, ending up closing the day 22.8 percent lower at R7.99. Tongaat was rocked by an accounting scandal in 2019 and an investigation by PricewaterhouseCoopers revealed that some of its former executives were responsible for overstating assets and profits by using âundesirable accounting practicesâ. The group implemented a turnaround strategy under chief executive Gavin Hudson, but a huge debt of around R13bn has remained a sore thumb for the group. ....
Sugar refining equipment under construction at LASUCO Obinna Chima who this week visited the Lafiagi Sugar Company, a subsidiary of the BUA Group, highlights efforts the company is taking to support the federal government’s National Sugar Master Plan, boost job creation and support economic diversification Nigeria’s National Sugar Master Plan (NSMP) was designed to attract over $1 billion annually in local and foreign direct investments and create an estimated 107,000 jobs over the first ten-year period.
During a tour of LASUCO Its aim is to raise local production of sugar to enable the country attain self-sufficiency; stem the tide of unbridled importation; create huge number of job opportunities and to contribute to the production of ethanol and generation of electricity. ....
Backward integration in sugar industry at crossroads vanguardngr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vanguardngr.com Daily Mail and Mail on Sunday newspapers.