Browsing: Importation of sugar

The Federal Government of Nigeria has restricted importation of sugar into the West African country to three firms only. This is in an effort to protect the sugar industry and boost the local production.

The Central Bank of Nigeria (CBN) through a circular issued on Friday July 16, 2021 said BUA Sugar Refinery Limited, Dangote Sugar Refinery Plc and Golden Sugar Company are the only companies allowed to import sugar into the country through any of the official foreign exchange sources.

This follows reasonable progress made by the three firms in achieving backward integration, a programme introduced by the Federal Government, in the sector.

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In the circular signed by CBN’s Director, Trade and Exchange Department, Dr Ozoemena, CBN said that no company outside the aforementioned three firms should be allowed to open Form M or allowed to access foreign exchange from the foreign exchange market to import sugar into the …