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Friday, December 8, 2023

CBN Gives Dangote, BUA, Golden Monopoly to Import Sugar

CBN Gives Dangote, BUA, Golden Monopoly to Import Sugar

The Central Bank on Nigeria (CBN) has given directives that only BUA Sugar Refinery Ltd, Dangote Sugar Refinery Plc, and Golden Sugar Company can henceforth import sugar into the country.

The apex bank said the three companies were the only ones allowed to import sugar into the country because of their contribution to the backward integration programme introduced by the federal government.

This was disclosed in a circular issued on Friday by the bank’s Director, Trade and Exchange Department, Dr Ozoemena  Nnaji, with reference number TED/FEM/PUB/FPC/01/006.

It read, “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 forgoing, 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.”


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