The Central Bank of Nigeria has said sugar importation 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 CBN disclosed this in a circular dated July 16, 2021, titled: “Sugar Importation in Nigeria.”
The circular was signed by the Director, Trade and Exchange Department, Dr. Ozoemena Nnaji, posted on the CBN website on Friday.
It 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 (BIP) 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.”
Owing to this, the CBN said authorised 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 its prior or express approval.
It reiterated that it is charged with the mandate of monitoring the implementation of the backward integration programmes of all the companies in the sector.