The Federal Government has said it will
provide special incentives for investors in the sugar industry,
especially those that have keyed into its Backward Integration Policy in
the sector.
The Minister of Industry, Trade and
Investment, Mr. Olusegun Aganga, said this during an assessment tour of
facilities of major sugar refineries in Lagos on Saturday.
Those visited by the minister were Dangote Sugar Refinery, BUA Sugar Refinery and Golden Sugar Refinery.
Aganga stated that the incentives would
be similar to what was given to investors, who had keyed into the
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 optimising 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.
Culled from punchng.com
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