The Bank of Industry (BOI) and the National Sugar Development Council have established a ₦10 billion Sugar Project Acceleration Fund (SPAF) to support the development of greenfield sugar projects and accelerate growth in Nigeria’s sugar industry, according to reports by Punch Nigeria.
The fund is designed to provide both financing and technical support to early‑stage sugar ventures, helping promoters turn raw ideas into “bankable” projects capable of attracting further investment from commercial lenders, development finance institutions, and impact investors. Under the arrangement, BOI will act as the fund manager, overseeing credit appraisal, risk management, loan disbursement, and monitoring, while NSDC provides sector leadership and advisory guidance.
Officials emphasised that capital alone is not sufficient to grow production; projects must be properly structured and de‑risked to meet investor standards. The SPAF therefore combines funding with technical assistance, including feasibility studies, financial modelling, and capacity building for project promoters, as highlighted by Independent Nigeria.
Eligible businesses are those actively engaged in sugar or sugar‑related activities. The launch brought together greenfield promoters such as Illaj Sugar, Brent Foods, Crystal Sugar, Legacy Sugar, Saro Sugar, Awaa, Ganic, and Confluence Sugar, reflecting a growing pipeline of projects aimed at driving long‑term growth in Nigeria’s sugar sector.
