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Forex Restrictions On Sugar, Wheat In Nigeria - Business - Nairaland

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FCMB Has Refused To Lift Restrictions On My Account After Doing KYC / Nigeria Spends Over N120b On Sugar Importation / Dangote, Niger State Seal N166b Pact On Sugar Production (2) (3) (4)

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Forex Restrictions On Sugar, Wheat In Nigeria by lalasticlala(m): 2:43pm On Apr 16
CBN to place sugar, wheat on FX restriction list

The proposed $500 million Dangote sugar processing plant in Awe, Nasarawa State will save Nigeria some $1 billion and create more than 150,000 jobs.

President, Dangote Group, Aliko Dangote, said they have acquired 60,000 hectares of land in Awe, Nasarawa State to grow “up to one third of Nigeria’s sugar consumption, which is almost a million tonnes”.

He said the initial investment for this project was about $480-500 million noting that the CBN will provide support to make it a reality.

The Central Bank of Nigeria CBN is working to include sugar and wheat on the list of commodities that will be banned accessing foreign exchange (FX).

CBN Governor Godwin Emefiele made this disclosure on Thursday in Awe, Nasarawa state when he went on an inspection tour of the proposed $500 million Dangote sugar processing facility.

According to Emefiele, “we are looking at sugar and wheat. We started a programme on milk about two years ago, eventually, these products will go into our FX restriction list.


He declared that the CBN “will provide not only the naira or some of the naira because Dangote is a big man and has equity he’s contributing to the project.

“Hopefully, within the next two years, we will provide that support. That is our interest here to reduce reliance on importation” he said.

CBN’s decision to include sugar and wheat on the FX restriction list he said is because “we spend $600m to $1 billion importing sugar into the country annually”.

Before adding the commodities to the FX restriction list, the CBN Governor said they “want to see to what extent we see the traction that is coming from those who are currently importing these items”.

He noted that “we must all work together to produce these goods in Nigeria rather than import them”.

On how much CBN was supporting the project with, he said “we have made up our mind on how much we’ll put but of course as you heard from Dangote, the project is worth about $500 million. If you convert that to naira, you know how much that is. I know he’s going to commit some equities to it. From there, we will determine what is the shortfall and we will come in through intervention through the banks for whatever loan that is required for this”.

According to Emefiele, “of course, foreign currency will be provided as long as it is for the importation of equipment for the project through the banks, for whatever loans that is required for this as long as it is for importation of equipment and we will gradually begin to restrict foreign exchange to those who want to import sugar until we achieve this result”.

Dangote stated that they have “a very good relationship with the community and stakeholders. This project as you see it, will produce a lot of jobs and as a matter of fact, we have to bring a lot of people outside of this areas into the project to help in terms of employment. We’re talking about thousands of jobs direct and indirect jobs, more than 150,000 jobs”.

The sugar processing project he said has a lot of potentials. According to him, “we will also do power generation and ethanol from sugar”.

To the state, “if this place is up and running, I do not think there will be shortage of power in Nasarawa State. We will be having excess of 90mw of power” Dangote said.

The project he pointed out “is not just for us to make money from the sugar refinery, but boost economy”

Speaking on the implication of the project to the stability of the Naira, Aliko Dangote stated that “Emefiele is not just a Governor of CBN but also a developmental Governor because he is not just looking at the monetary policy, he is also looking at what he can do to support the naira like this sort of initiative.

He has a problem today meeting up with the demands of import. Supporting projects like this, going forward, the naira in your hands will be very strong. We have quite a lot that we’re doing here”.

With regards to the sugar project, Dangote said they are “targeting about half a million tonnes but right now, we’re talking about 250 million tonnes and that is worth about N450 billion”.

“You can only create 100 million jobs target of the federal government through this kind of project” he said.

https://thenationonlineng.net/cbn-to-place-sugar-wheat-on-fx-restriction-lis/amp/

2 Likes

Re: Forex Restrictions On Sugar, Wheat In Nigeria by ChocolateWine(f): 2:49pm On Apr 16
With all the federal support going for aboki, an Igbo man would always find his way, government or no government



IGBO AMAKA!

107 Likes 4 Shares

Re: Forex Restrictions On Sugar, Wheat In Nigeria by tensazangetsu20(m): 2:49pm On Apr 16
Bread about to get more expensive. Zoo.

20 Likes 1 Share

Re: Forex Restrictions On Sugar, Wheat In Nigeria by EyezofGod120: 2:49pm On Apr 16
We never see anything grin one cup of garri na 50naira,garri wey my mama dey pour away that year,,, by the time we reach 2023 na ones in a week people wey vote for APC go dey eat,,

37 Likes

Re: Forex Restrictions On Sugar, Wheat In Nigeria by ratiken(m): 2:50pm On Apr 16
The elites have Nigeria by the jugular and they ain't letting go.

11 Likes 3 Shares

Re: Forex Restrictions On Sugar, Wheat In Nigeria by crossfm: 2:50pm On Apr 16
Another banger.

CBN about to make some elite more richer,while the poor masse's remain poorer.

23 Likes 2 Shares

Re: Forex Restrictions On Sugar, Wheat In Nigeria by wman(m): 2:50pm On Apr 16
Expect the prices of these to go up. Expect the prices of flour, bread and other baked products to increase. Biscuits, cake, noodles, and spaghetti. Food inflation rate is over 23% already. The design is to keep you poor.

Note that Dangote just fought BUA last week, calling for the FG to ban sugar dealers that don't own sugar plantations in Nigeria. Government of Dangote, for Dangote. Alhaji Putin Republic.

https://www.vanguardngr.com/2021/04/dangote-flour-mills-bua-in-bitter-sugar-war/amp/?__twitter_impression=true

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30 Likes 2 Shares

Re: Forex Restrictions On Sugar, Wheat In Nigeria by Vicogrin(m): 2:50pm On Apr 16
Dangote and monopoly dey inseparable

15 Likes

Re: Forex Restrictions On Sugar, Wheat In Nigeria by Cutealexio(m): 2:51pm On Apr 16
Importation is bad for the economy but the government should give all local investors same opportunities. If US was biased and gave Bill Gates the monopoly there wouldn't have been Mark Zuckerberg orJack Dorsey. Nigerians are smart people, all we need is equal opportunities to put our ideas into practical

48 Likes 1 Share

Re: Forex Restrictions On Sugar, Wheat In Nigeria by Orlaoluwayimika(m): 2:51pm On Apr 16
Dangote sef still dey find money.

He dictates our economy no doubt and this is a sad one for a nation of close to 200m just a single person dictating our economy.

The effect of this is another increase in the price of regular food items.

Wheat being the Raw material for Flour and an increase in it is price would ve a bad effect on majority of the populace becos every common man's food price would increase from BREAD to Indomie.

We go hear wen before this admin ends

10 Likes

Re: Forex Restrictions On Sugar, Wheat In Nigeria by Bakrabas: 2:52pm On Apr 16
Is dangote a blessing or curse for Nigeria?

Click like if Dangote is a curse and share if he's blessing to Nigeria.

61 Likes 6 Shares

Re: Forex Restrictions On Sugar, Wheat In Nigeria by collinsz: 2:52pm On Apr 16
Ok
Re: Forex Restrictions On Sugar, Wheat In Nigeria by obajoey(m): 2:52pm On Apr 16
so FG dangote don win d war

1 Like

Re: Forex Restrictions On Sugar, Wheat In Nigeria by EdricBond: 2:52pm On Apr 16
End nigeria please. angry

10 Likes

Re: Forex Restrictions On Sugar, Wheat In Nigeria by wristbangle: 2:52pm On Apr 16
Producing locally is more expensive than. Importing the same material. I don't blame those who import rather to produce here. Those in supply chain field will understand fully what I am saying.

9 Likes

Re: Forex Restrictions On Sugar, Wheat In Nigeria by Matheusmartin: 2:53pm On Apr 16
...
Till tommorow, nobody has been able to tell me what emeiefele was trying to do here.. embarassed

18 Likes

Re: Forex Restrictions On Sugar, Wheat In Nigeria by deflover(m): 2:53pm On Apr 16
everything is given to this man for free grin grin

10 Likes

Re: Forex Restrictions On Sugar, Wheat In Nigeria by LandMann: 2:53pm On Apr 16
Useless country with useless leaders and mumu followers...

We're so lazy and stupid that we can't grow our own sugar cane farm and produce sugar...

Instead we import sugar, toothpick and anything importable because we are a bunch of lazy stupid people ruled by the most foolish set of politicians God created.

Nigeria is cursed

2 Likes

Re: Forex Restrictions On Sugar, Wheat In Nigeria by Duplexxx: 2:53pm On Apr 16
What do you want us to do about it
Re: Forex Restrictions On Sugar, Wheat In Nigeria by Teewhy2: 2:53pm On Apr 16
what is the positive effect on the economy of the ones initially place on the list.

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1 Like

Re: Forex Restrictions On Sugar, Wheat In Nigeria by chuckdelis: 2:53pm On Apr 16

5 Likes 1 Share

Re: Forex Restrictions On Sugar, Wheat In Nigeria by QuitNotice(m): 2:53pm On Apr 16
Soon, and very soon, we will start reaping the rewards of president Buhari's spontaneous support for entrepreneurship

3 Likes

Re: Forex Restrictions On Sugar, Wheat In Nigeria by Ausval: 2:54pm On Apr 16
Last last if Dangote come knocking una go still give am any amount he want so you people should stop fooling yourselves abi na poor masses wen never chop go come dey find forexeven self some people for Nigeria never see dollar for eye once

2 Likes

Re: Forex Restrictions On Sugar, Wheat In Nigeria by jojofola: 2:55pm On Apr 16
They do not even want the poor to feed anymore.

4 Likes

Re: Forex Restrictions On Sugar, Wheat In Nigeria by stanluiz(m): 2:55pm On Apr 16
Dangote the evil Monopolist. He use the same method to crush his cement competitors. He will now hike the price of sugar when it is completed.

Africa richest man by exploitation! It is only in Nigeria he does that nonsense. He can't try it In other countries.

How can Nigeria economy grow when we have oligarchs who allied with the FG are the ones running it.( Dangote and Bua)

12 Likes

Re: Forex Restrictions On Sugar, Wheat In Nigeria by KnightsTemplar(m): 2:56pm On Apr 16
The Should sell the country to Dangote. The Impunity of this Fulani led regime has gotten out of hand, are they using JuJu against the south, why can't the south rise against this injustice.

9 Likes

Re: Forex Restrictions On Sugar, Wheat In Nigeria by Drsnives(m): 2:56pm On Apr 16
Place restriction becos of BAU and Dangotes face off..
Monopoly go kill this country


This I have seen

6 Likes

Re: Forex Restrictions On Sugar, Wheat In Nigeria by SKYHIGHfx: 2:56pm On Apr 16
wman:
Expect the prices of these to go up. Expect the prices of flour, bread and other baked products to increase. Biscuits, cake, noodles, and spaghetti. Food inflation rate is over 23% already. The design is to keep you poor.

Note that Dangote just fought BUA last week, calling for the FG to ban sugar dealers that don't own sugar plantations in Nigeria. Government of Dangote, for Dangote. Alhaji Putin Republic.

https://www.vanguardngr.com/2021/04/dangote-flour-mills-bua-in-bitter-sugar-war/amp/?__twitter_impression=true

Contact me for PC Games, ebooks and any download you need.

08176606177 message me less talk
Re: Forex Restrictions On Sugar, Wheat In Nigeria by TriCee: 2:56pm On Apr 16
Okay, CBN just dey restrict and sanction everywhere. All roads leads to inflation.

Forex trading has been quite unfavorable for the past few years. Still waiting for CBN to announce one single policy that will better the life of Nigerians.

4 Likes

Re: Forex Restrictions On Sugar, Wheat In Nigeria by Ajibade123(m): 2:57pm On Apr 16
e be as if I go leave this country for Una
Re: Forex Restrictions On Sugar, Wheat In Nigeria by Wickedfacts: 2:57pm On Apr 16
A time is coming when Dangote trucks will be vandalised and burnt by hungry and angry mobs. They should continue.

8 Likes

Re: Forex Restrictions On Sugar, Wheat In Nigeria by madridguy(m): 2:58pm On Apr 16
Another evil plan to frustrate the masses.

5 Likes

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