Flooding: Sugar investors record huge losses- NSDC

 

Executive Secretary of the National Sugar Development Council (NSDC) Dr. Latif D. Busari, has lamented that due to perennial flooding incidences across sugar estates and plantations in the country, investors have continued to record huge losses.

According to him, the issue must be addressed in order to encourage investors to remain business.

The Executive Secretary noted this at the just concluded Southern Region Sugar Sensitization Workshop in Benin City, Edo state.

According to him, since sugar projects are located in flood plains and close to water sources, hence sugar companies must invest in early warning systems and also construct flood protection dykes

To cushion the effects of the yearly losses recorded by sugar companies owning to floods, Dr. Busari said “as a solution Council will support the provision of loans under liberal terms to any operator who wishes to construct dykes for flood control”.

“On our part, we shall continue to welcome and support initiatives that would make the nation’s sugar industry attractive to local and foreign investoes”.

On recurring clashes between sugar companies and host companies, Dr. Busari said ” the Sugar Council has ongoing activities to sensitise host communities on economic prospects of sugar projects”.

He said the Council is also encouraging the establishment of sugarcane outgrower schemes and other Corporate Social Responsibility projects by sugar projects.

Also speaking at the workshop, the Director, Policy Planning Research and Statistics, NSDC, Mr. Kolawole Hezekiah, said the Council has put in place necessary measures that would attract investors to the sector.

The workshop has “The emerging challenges in the implementation of the NSMP towards the realization of National self-sufficiency in sugar” as its theme. .

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