The Federal Executive Council approved the extension of the National Sugar Master Plan (NSMP) by 10 years (2023-2033). NSMP is an effort of the Government of Nigeria to ensure self-sufficiency in local sugar production. Post forecasts an 8 percent increase in sugarcane production in MY 2023/24. Post foresees scaling-up of investments in sugarcane crushing operations. Meanwhile, increased demand for refined sugar across the West Africa region and other African countries will drive refined sugar exports in MY 2023/24.
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