The country has attracted $3 billion (about N480 billion) investment into the sugar sector since the implementation of the National Sugar Plan (NSMP), in line with its desire to grow the industrial sector.

This was disclosed by the Minister of Industry, Trade and Investment, Olusegun Aganga who also noted the National Sugar Master Plan (NSMP) had since its approval by the Federal Executive Council (FEC) on the 19^th September 2012 been raising the country’s profile, making it rank among  the top five exporters of sugar in Africa.

Speaking at the ministerial press briefing that mark the end of the 2013 series, Aganga noted that the gains made through the development of the manufacturing sector had led to a reduction on the country’s dependence on oil and gas, adding that N305 billion was generated from non-oil export within the first quarter of 2013.

He reveals that the FDI inflows of $7.03 billion was rated the first in Africa in 2012 and that the country was targeting production of 1.7 metric tons of sugar per annum.

He further reveals that NSMP in addition to its creation of 117,181 direct jobs, generation of 411.7 megawatts of electricity, total forex saving of up to $565.8 million annually from sugar production and fuel importation, has now stimulated investment of $3 billion.

Aganga pointed out that history has shown that industrial sector in addition to exportation of raw materials contributes a lot to the wealth of any nation, stating that there had been significant improvements in Nigeria’s balance of trade with reduced importation and increased export value.