Business

Chinese Investing $1bn into Nigeria’s sugar Industry

In the agreement, SINOMACH is set to start by constructing a sugar production plant and sugarcane plantation with an annual production capacity of 100,000 metric tonnes, while the NSDC will facilitate and assist in obtaining the necessary authorisations, approvals and permissions to undertake the project.

Published

1 year ago

April 17, 2025

OCHEFA

419 Views

SINOMACH, a Chinese conglomerate, is investing $1 billion in Nigeria’s sugar Industry.

The memorandum of understanding for the development of a sugarcane cultivation and processing plant capable of producing one million metric tonnes of sugar has been signed by the investor and the National Sugar Development Council (NSDC).

While SINOMACH is expected to contribute its vast expertise, resources, and experience in the execution of the project on an engineering, procurement, and construction (EPC) basis, the biggest advantage of the arrangement is that the Chinese conglomerate would also be financing it.

Speaking at the signing ceremony in Abuja, the Executive Secretary/CEO of NSDC, Kamar Bakrin, said that 2025 represents a pivotal year for accelerated development in Nigeria.

Bakrin said: “It is a critical period during which we expect to make significant strides in our national journey towards economic self-sufficiency and food security, especially given the fiscal pressure that Nigeria faces.“

A robust sugar industry will deliver several benefits to Nigeria. These include the creation of thousands of sustainable jobs across the value chain. Sugar, by its very nature, leads to extensive rural infrastructure development.

For Nigeria, it will also result in substantial foreign exchange savings, as it will substitute imports, which currently account for the bulk of the country’s sugar consumption.

We envision a sugar sector, when fully developed, that will serve as a blueprint for Nigeria’s broader industrialisation strategy. And, of course, China, being the world’s leader in industrialisation, can easily relate to this.

“We believe that the sugar industry can serve as a model in this regard, as it allows us to adopt a creative and transformative approach to achieving scale and speed – critical elements for Nigeria’s development.

Specific elements that we believe, if successfully implemented in the sugar sector, can be replicated in other areas of Nigeria’s industrialisation include a strategic approach to sector development, the establishment of enabling policy frameworks, effective aggregation of critical production inputs, acquisition of technical skills and competencies and innovative financing solutions.”

He said that the signing marked the beginning of what could evolve into a long-term relationship capable of delivering as much as one million metric tonnes of locally produced sugar, thereby strengthening the country’s domestic production capacity and reducing import dependence.

“It is indeed a unique model, as it combines both EPC and development financing—an essential requirement for agro-industrial development in the country,” Bakrin said.

The Vice President of SINOMACH, Li Xiao Yu, acknowledged that as Africa’s largest economy, the country’s vigorous implementation of the NSMP to achieve self-sufficiency in sugar production is laudable.

“We deeply admire this vision – it is not only an industrial policy but also a sweet revolution tied to food sovereignty and economic dignity.

We firmly believe that, through joint efforts, the success of the plantation and sugar mill project will enhance Nigeria’s sugar self-sufficiency, spur economic development in surrounding areas, create substantial employment, modernise the agricultural value chain, and generate long-term and sustainable social benefits.

“We view our partnership with NSDC not merely as a commercial endeavour, but as a concrete step toward implementing the shared vision of our two Heads of State to enhance agricultural cooperation and promote common development,” he said.

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Business

Takeaways From CIBN 19th Annual Banking and Finance Conference

The large capital raised by banks during the recapitalisation exercise indicated the depth of capital available locally.

Published

6 hours ago

September 9, 2026

OCHEFA

11 Views

By Ochefa

The Chartered Institute of Bankers of Nigeria (CIBN) held its 19th Annual Banking and Finance Conference in Abuja, yesterday.

Themed , “Building a Resilient Economy in an Era of Disruptions: Strategic Imperatives for the Banking and Financial Services Industry,” the conference brought together stakeholders from the banking industry, the World Bank, government officials including economists , business leaders and policy makers.

” The ultimate test of Nigeria’s economic reforms should be their impact on households, businesses and the daily lives of ordinary Nigerians.”

Here are the key points from the discussions:

Dr. Dele Alabi, President and Chairman of Council of CIBN:
•The ultimate test of Nigeria’s economic reforms should be their impact on households, businesses and the daily lives of ordinary Nigerians. Nigeria’s improving macroeconomic indicators will amount to little if they failed to translate into lower living costs, more jobs, higher incomes and better living standards for citizens.
“Macroeconomic progress must, therefore, be felt at the micro level in households, small businesses and the daily lives of ordinary Nigerians. Our task is to build systems that learn, adapt and emerge stronger.”

• Lead Private Sector Development Specialist at the World Bank’s Nigeria Office, Ms Bertine Kamphuis:
Credit to Nigeria’s private sector remain inadequate. She urged banks to channel more financing to sectors with the greatest potential to create jobs, particularly agriculture, manufacturing and MSMEs. According to her, with between three and four million young Nigerians entering the labour market every year, expanding access to productive credit has become imperative.”

• Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele:
“Strong bank profits alone are no longer sufficient; financial institutions must contribute more directly to economic growth and the welfare of Nigerians.
“For years, we have measured financial institutions by balance-sheet growth, profitability and shareholder returns. These remain important. But we must increasingly ask: what is the financial system doing for the real economy?
A resilient banking system cannot exist indefinitely where businesses cannot obtain affordable credit, manufacturers struggle to finance expansion, and millions of productive MSMEs remain outside the formal financial system.”

•Central Bank of Nigeria, CBN, Mr. Olayemi Cardoso:
” The large capital raised by banks during the recapitalisation exercise indicated the depth of capital available locally.
Represented by the Deputy Governor in charge of Policy, Mr. Philip Ikeazor, the CBN governor challenged operators in the industry to take advantage of the large capital now available to them to fund the real sectors of the economy, with a view to achieving the rapid growth that would impact on better living standards of Nigerians.
He urged state governments to collaborate with the CBN and the fiscal authorities at the federal level to effectively tame inflation, pledging that with the cooperation of all stakeholders, a single digit inflation was achievable.”

Business

AfCFTA : Nigerian Goods In High Demand In Africa, says Minister

On a trade mission to Botswana with about 11 Nigerian businesses, one of them immediately got an order of 6,000 T-shirts to be supplied there.

Published

13 hours ago

September 9, 2026

OCHEFA

17 Views

The Minister of Trade, Industry and Investment, Dr Jumoke Oduwole, has said that Nigerian goods continue to remain competitive and, in particular, high demand on the continent.

The minister disclosed this yesterday in Abuja at the 2026 Third Quarter meeting of the African Continental Free Trade Area (AfCFTA) Central Coordination Committee (CCC).

She said, ” I think that a lot of Nigerians have the perception that Nigerian goods are not competitive on this continent. Nigerian entrepreneurs have shown that they can compete anywhere in the world, and are doing particularly well in the rest of Africa, and this is demonstrated by our non-oil exports, which have gone up exponentially, and it’s due to the exports of Nigerian goods across the African continent

She said on a trade mission to Botswana with about 11 Nigerian businesses, one of them immediately got an order of 6,000 T-shirts to be supplied there.

Business

After South Africa, Kenya Cracks Down on Foreign Traders, Retailers

Ruto directed authorities to begin shutting down small businesses operated by foreign nationals from September 7, saying hawking and small-scale retail should be reserved for Kenyans.

Published

2 days ago

September 8, 2026

OCHEFA

35 Views

Kenya is beginning a crackdown on foreign nationals operating small retail shops and engaging in hawking, after President William Ruto directed authorities to shut down such businesses from September 7.

Ruto announced this on September 2 while addressing micro, small and medium-sized enterprises, MSME. traders at State House in Nairobi.

He said foreigners should not compete with Kenyans in businesses such as hawking and small retail, while foreign investment was welcome in activities requiring greater capital.

Ruto directed authorities to begin shutting down small businesses operated by foreign nationals from September 7, saying hawking and small-scale retail should be reserved for Kenyans.

He said the government would take administrative action while the Parliament of Kenya considers the proposed Local Content Bill, 2025.

He also directed National Assembly Majority Leader Kimani Ichung’wah and Trade Cabinet Secretary Lee Kinyanjui to accelerate the bill’s passage through Parliament.