NSDC Pumps ₦2.2bn Into Oyo Sugar Factory Ahead Of Commissioning

The National Sugar Development Council has invested approximately ₦2.2 billion in Oyo Sugar and Derivatives Industries Limited (OSDL) as its factory in Iseyin, Oyo State, reaches the commissioning and test-running stage.

The 300-tonnes-per-day sugar mill was developed under the Nigeria Sugar Master Plan as part of efforts to boost domestic sugar production through the plan’s Backward Integration Programme.

In a statement issued in Abuja, the Council congratulated OSDL and the farming communities in Iseyin on the milestone, describing it as the outcome of more than a decade of financial, technical and institutional support.

The Council said it funded the procurement of the factory’s core sugar mill at approximately ₦1.64 billion and provided additional funding for sugarcane development and operational support, bringing its total financial commitment to about ₦2.2 billion.

The Oyo State Government also contributed an estimated ₦850 million in equity funding towards completing outstanding works.

The Council commended the project promoters and farming communities for developing the project from a cooperative farming venture into a factory approaching commercial operations.

The executive secretary and chief executive officer of the National Sugar Development Council, Kamar Bakrin, said the factory’s readiness for commissioning reflected sustained commitment by the council, the state government and the promoters.

“That this factory now stands ready for commissioning is the result of sustained commitment by the Council, by the Oyo State Government and by the promoters themselves. Our work does not end here. The NSDC will remain engaged as OSDL moves into full-scale commercial production, and we expect this project to serve as proof that Nigeria’s sugar sector can be built on locally grown cane,” Bakrin added.