The Nigerian Sovereign Debt Management Office has entered into financing agreements with the Nigerian Export-Import Bank to scale up funding for projects under the Sugar Master Plan, the organisations said.

The development was disclosed during a meeting between the Executive Vice-Chairman of the Nigerian Sovereign Debt Management Office and the Managing Director of NEXIM Bank.

The agreements aim to support the implementation of the Sugar Master Plan, which is designed to increase local sugar production.

The Nigerian Sovereign Debt Management Office Executive Vice-Chairman, Mr. Patience Oniha, and the Managing Director of NEXIM Bank, Abubakar Kyari, signed two financing agreements to scale up funding for sugar projects in Nigeria.

Mr. Oniha said the agreements will support the financing of sugar value-chain development projects under the Sugar Master Plan. He said the plan seeks to enhance local production of sugar and reduce the nation’s dependence on imports.

The Executive Vice-Chairman said the agreements will help bridge funding gaps for private sector participants in sugar production and processing.

Mr. Kyari said the partnership with the Sovereign Debt Office is expected to mobilise financing for the implementation of the Sugar Master Plan.

He said sugar projects will benefit from improved access to credit under the agreements.

The agreements were signed at NEXIM Bank’s headquarters in Lagos during a meeting that brought together executives from both institutions.