SUGAR IMPORTATION IN NIGERIA
The Federal Government of Nigeria under the National Sugar Development Council established the Nigerian Sugar Master Plan to encourage and incentivize sugar refining companies in their Backward Integration Program (BIP) for local sugar production.
In view of the above, CBN advised that the under-listed three companies, who have made reasonable progress in achieving backward integration in the sector shall only be allowed to import sugar into the country:
In view of the foregoing, Authorized Dealers shall NOT open form 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 programs of all the companies.
This was communicated by Central Bank of Nigeria through her circular ref: TED/FEM/PUB/FPC/01/006 dated July 16, 2021 and signed by Dr O.S NNAJI, Director, Trade & Exchange Department.