Nigeria imported over 750,000 metric tons of raw sugar worth over N120billion in the first six months, it was learnt in Lagos at the weekend.

The sugar came through the Lagos Port Complex (LPC) and the Tin-can Island ports at the global price of $555 per ton.

It was also found that the latest imports were part of the 1.87million tons booked for delivery this year, as local production may not meet the projected target under the National Sugar Master Plan.

The country, it was gathered, spent the cash despite the increase in import duty and levy on the commodity.

Nigerian Sugar Development Council (NSDC) said importers of the commodity would pay 80 per cent levy, 10 per cent duty for raw sugar, 20 per cent duty and 85 per cent levy for refined sugar.

Investigation has shown that the inability of the country to boost local production by 200,000 metric tons yearly has led to massive import of raw sugar from Brazil and other countries.

The country could only produced 300,000 tons in the last four years.

In 2015, the country produced 75,000 tons; 2016, 70,000 tons; last year, 75,000 tons and 80,000 tons were projected for this year, despite the Central Bank of Nigeria (CBN’s) Anchor Borrowers’ Programme to improve sugar production by 12.5 per cent.

The country, it was learnt, would still rely on 1.6 million tons of sugar from its major sellers Brazil, Thailand and United States to meet local demand in the year.

However, with the introduction of CBN’s Anchor Borrowers’ Programme, the council said import would go down by next year.

Through the programme, domestic sugar production was projected at 80 million kilogrammes (80,000 tons) in raw value, leading to 12.5 per cent increase compared to 70,000 tons estimated production last year.

In May, a Vessel Genco Normandy offloaded 44,925tons at Greenview Nigeria Development Terminal (GNDL) at the LPC.

In April, Aruna Ece ladeened with 46,120 tons and Dazhi, 45,530 tons berthed at Greenview Development Nigeria Limited (GDNL), took delivery of 91,650 tons of sugar at the Lagos port

Also, between February and March, the Lagos and Tincan ports took delivery of 320,197 tons while in March, Aruna Ece had 46,120 tons; Mandarine Glory, 45,327 tons and Romans, 45,630 tons.

Nemo delivered 45,000 tons at Josepdam in Tincan Island Port, while Wolverine and Sunrise Rainbow discharged 45,000 tons and 45,120 tons at GDNL in February. In January, the GDNL Port received 45,000 tons.

The NSDC said the country would need $1.238 billion to meet 49 per cent of the total sugar demand by 2020.

The average yield of refined sugar per ton of sugar cane is 10 per cent.

http://investorsking.com/nigeria-spends-n120b-sugar-importation/

That is massive!
Agriculture is the main thing.

Since FG banned sugar imports, who has been importing d said sugar? D same Dangote who enjoys d monopoly of d market nd d benevolence of the govt