The Central Bank of Nigeria (CBN) has permitted only three companies which include, Bua Sugar Refinery Limited, Dangote Sugar Refinery Plc, and Golden Sugar Company as the only companies to continue importing sugar into the country.
CBN disclosed this in a circular titled ‘SUGAR IMPORTATION IN NIGERIA’, it revealed that the three companies made reasonable progress in achieving backward integration in the sector, the reason they are given the permission.
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.
Furthermore, the apex bank warned authorised dealers not to open Forms M or access foreign exchange in the Nigerian foreign exchange market for any company without the prior and express approval of CBN.
“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 programs of all the companies.” The circular read in part.
CBN also appealed to authorised dealers to ensure strict compliance.
