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CBN restricts sugar importation to Dangote, BUA and Golden sugar

CBN restricts sugar importation to Dangote, BUA and Golden sugar
CBN restricts sugar importation to Dangote, BUA and Golden sugar

CBN restricts sugar importation to Dangote, BUA and Golden sugar

The Central Bank of Nigeria (CBN) has declared the regulation of the importation of sugar into the country to only 3 companies, tori4africa learnt.

Nigeria’s peak bank said only BUA Sugar Refinery Limited, Dangote Sugar Refinery Plc and Golden Sugar Company can be permitted to import sugar into the country through any of the official foreign exchange sources.

The opinion of the CBN is because of the sufficient improvement made by the 3 companies in attaining backward integration, which was initiated by the Federal Government, in the sector.

This statement is contained in a circular with reference number TED/FEM/PUB/FPC/01/006, issued on Friday, July 16, 2021, and signed by CBN’s Director, Trade and Exchange Department, Dr Ozoemena Nnaji.

According to the circular, CBN authorized all known dealers that henceforth, no company outside the aforementioned 3 companies should be allowed to open Form M or allowed to access foreign exchange from the foreign exchange market to import sugar into the country without its permission.

CBN restricts sugar importation to Dangote, BUA and Golden sugar

The circular CBN reads;

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 foregoing, 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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