The Central Bank of Nigeria (CBN) says that sugar importation in the country can only be done by Dangote Sugar Refinery Plc, Golden Sugar Company, owned by Flour Mills of Nigeria Plc and BUA Sugar Refinery Limited.
The central bank disclosed this in a circular dated July 16, titled: “Sugar Importation in Nigeria,” signed by the Director, Trade and Exchange Department, CBN, Dr. Ozoemena Nnaji, a copy of which was posted on the regulator’s website .
The CBN hinged its reason for selecting the aforementioned sugar manufacturers on the fact that the three companies had made reasonable progress in achieving backward integration in the sector.
It explained: “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 Programme (BIP) for local sugar production.
“ 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.”