An estimate made by the Nigerian government this week suggests that the sugar market in the country , feed more than 165 million consumers . In addition there are high chances of return on investment in accordance with National Sugar Development Council of Nigeria , which has attracted large international and local investors .
Approval of NSMP- Nigerian Sugar Plan in September 2012 set a new phase in the development of the sugar industry in the African country and aims to increase the local production of sugar to achieve self – sufficiency through tax incentives as a way to attract investment to the sector and implementation of the integration program to contain the high level of import culture .
The Nigerian Group ” Dangote Group ” has invested two billion dollars in projects located in six states in the African country and intends to produce about 1.5 million tons of sugar. Already HoneyGold Group has invested nearly $ 300 million in Adamawa State and intends to produce 200 thousand tons of sugar per year .
Cristal Mills has invested $ 30 million in expanding its existing unit and plans to produce 60,000 tonnes a year by 2018 .