Nigeria limits sugar imports to Dangote, two other firms

The Central Bank of Nigeria has said only three companies will be allowed to import sugar into the country.

The companies are Dangote Sugar Refinery Plc, BUA Sugar Refinery Ltd, and Golden Sugar Company.

The CBN, in a circular issued on Friday by its Director, Trade and Exchange Department, Dr Ozoemena Nnaji, said, “The Federal Government of Nigeria, under the National Sugar Development Council, established the Nigerian Sugar Master Plan to encourage and incentivise sugar refining companies in their Backward Integration Programme for local sugar production.

“Accordingly, the underlisted three companies, who have made reasonable progress in achieving backward integration in the sector, shall only be allowed to import sugar into the country: BUA Sugar Refinery Limited, Dangote Sugar Refinery Pic and Golden Sugar Company.

“In view of the foregoing, authorised dealers shall not open Forms M or access foreign exchange in the Nigerian foreign exchange market for any company including the three listed above for the importation of sugar without the prior and express approval of the Central Bank of Nigeria as the bank is charged with the mandate of monitoring the implementation of the backward integration programmes of all the companies.”