Lafiagi Sugar Company (LASUCO), a subsidiary of BUA Group, plans to invest $300 million in its sugar plantation in line with the Federal Government’s Backward Integration Policy (BIP) in the industry.
The investment will achieve the firm’s goal of producing 1.2 million tons of sugar per year from the plantation when fully developed. The firm has just acquired 50 state-of-the-art equipment to fascilitate the plantations development.
BUA Sugar Managing Director, Mr. Ibrahim Yaro, said the firm acquired LASUCO because of its interest in the local production of raw sugar.
He spoke when the Minister of State for Industry, Trade and Investment, Hajia Aisha Abubakar and the National Sugar Development Council (NSDC) Executive Secretary, Latif Busari Sugar visited LASUCO to ascertain the progress of work at the plantation.
Yaro said the 500 hectares earmarked for nursery development last year had been developed. “What is ongoing is the land clearing and development preparation for additional 5000 hectares, which would take the company through next year.
“We are focused, determined and vigorously marching forward to meet our set targets with NSDC. LASUCO targets the production of two million tons of sugar cane yearly and this segment alone could produce over 4,000 jobs.
“BUA is serious and is ever-ready to surprise Nigeria and Nigerians to become a mega local sugar producer and first sugar exporter in the country,” Yaro added.
He said BUA Group remained committed to partnering the government in ensuring the success of the BIP for the sugar industry as well as in its drive to resuscitate and develop other areas of the agricultural sector.
The Minister lauded the investments and extensive progress made on the plantation. She praised the management of BUA for its progress towards local production of sugar in the country.
She said: “We are, indeed, satisfied with the pace of work and commitment exhibited by BUA on its sugar plantation. We hope other sugar companies will emulate the proactive steps employed by BUA to achieving self-sufficiency in sugar production.
“This will eventually translate to positive gains in Nigeria’s efforts in becoming a sugar producing nation.”
Busari lauded BUA for its steadfast commitment to attaining self-sufficiency in sugar through its investments in the once moribund sugar company.