The National Sugar Development Council (NSDC) has commended the Oyo Sugar and Derivatives Industries Limited (OSDL) for the development of the N1.64 billion sugar factory in Iseyin, Oyo State.
NSDC noted that the 300 tonnes-per-day (TCD) greenfield sugar mill is developed under the Nigeria Sugar Master Plan (NSMP), representing one of the few new sugar factories to emerge from the plan’s Backward Integration Programme.
In a statement by the Executive Secretary, Karma Bakrin, the factory has reached commissioning and test-running stage, ‘a milestone that brings to fruition over a decade of financial, technical and institutional support by the council.
‘The council commends the promoters and farming communities of Iseyin, Oyo State, for taking this project from a cooperative farming venture to an operational factory,’ it stated.
‘The Council funded the procurement of the factory’s core 300 TCD sugar mill at a cost of approximately ?1.64 billion and, as development progressed, provided additional funding for cane development and operational support – bringing its total financial commitment to approximately ?2.2 billion.’
In the statement, Bakrin said the Oyo State Government contributed an estimated ?850 million in equity funding towards the completion of outstanding works.
‘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,’ the statement noted.