The Nigerian sugar market has an estimated potential of 1.7 million tons, according to the United States Development of Agriculture (USDA). Data obtained from the National Sugar Development Council (NSDC) reveals that the country’s sugar consumption in 2012 was 1,108,980 tons even as domestic production was 10,843 tons.
Hence within the period under review, 1,098,137 tons were imported into Nigeria, costing the country a total of $517,222,527 million.
The average unit price was put at $471.
A 2013 report by staff of the USDA revealed that the country’s sugar production within the year was 65000 tons (raw value) as consumption rose to 1.32 million.
Nigeria has a land potential of over 500,000 hectares of suitable cane fields capable of producing over 5 million metric tons of sugarcane.
When processed, these can yield about 3 million metric tons of sugar, says NSDC.
Read the rest of the article following the link below;
http://businessdayonline.com/2014/01/trends-in-nigerian-sugar-market/
