The Chief Executive Officer of BUA Group, Abdul Kabiru kicks against Refined Sugar Importation. This is because of the high rate of import bill which adversely affects the Nigerian economy.
In Nigeria, all tools needed to produce our own Refined Sugar is available but lack of financial support is the problem we have.
To solve this, Abdul made a pronouncement of investing 300 million Dollars in Lafiagi Sugar Company to sort out all necessary expenses. Apart from the reduction in import bill, this initiative will provide employment for thousands of people and there is also the production of over 25 million liters of ethanol.
Also, he intensified the necessity to work with local firms that deal with raw materials for the production of Refined Sugar. Most of such firms are in the northern part of Nigeria such as, Lafiagi Sugar and Bassa Sugar Plantation.
Abdul Kabiru seeks the support of the Federal Government to invest in companies who produce Refined Sugar. If this is implemented, over 3 billion dollars import bill will be retracted.
Dr Latif D. Busari, the Executive Secretary, National Sugar Development Council, stated the plans of the establishment of 28 sugar factories all over the country with different capacities. He also said the major challenges they are facing include the continuous importation of foreign sugars, acquisition of large and productive lands, flooding of sugar plantations from Kainji and Jebba dams.
Sugar projects tend to require a lot of capital and take a long time to develop. Because of this, inventions in the local production of sugar are very rare. According to Busari, the solution is to bring in a bigger mechanism to surveil and give report and also, pertinent investors will do a lot of good.
With the 2nd phase of the Backward Integration Programme (BIP) going on now, there is a great possibility of the goals to be achievable. Dr Latif D. Busari, the Executive Secretary, National Sugar Development Council, fully supports the move and commends on the great work the CEO of BUA Group has started.