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CBN Restricts Sugar Importation To Dangote, BUA, Flour Mills Of Nigeria - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN Restricts Sugar Importation To Dangote, BUA, Flour Mills Of Nigeria (174 Views)

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CBN Restricts Sugar Importation To Dangote, BUA, Flour Mills Of Nigeria by BrandSpurNG: 3:23pm On Jul 19
The Central Bank of Nigeria (CBN) has restricted the sugar importation into the country to three companies: BUA Sugar Refinery Ltd, Dangote Sugar Refinery Plc, and Golden Sugar Company, owned by Flour Mills of Nigeria Plc, and BUA Sugar Refinery Limited.
The CBN in a circular titled: “Sugar Importation in Nigeria,” signed by the Director, Trade and Exchange Department, CBN, Dr. Ozoemena Nnaji, hinged its reason for selecting the aforementioned sugar manufacturers on the fact that they had made reasonable progress in achieving backward integration in the sector.

“The Federal Government of Nigeria under the National Sugar Development Council established the Nigerian Sugar Master Plan to encourage and incentive 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,”.

Recall that in April, the CBN Governor, Godwin Emefiele, stated that the bank planned to include sugar and wheat on the list of import items banned from accessing foreign exchange.

He had said, “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.”

Nigeria currently spends between $600m to $1bn on sugar importation annually.

SOURCE:https://brandspurng.com/2021/07/19/cbn-sugar-importation-dangote-bua-fmn/

Re: CBN Restricts Sugar Importation To Dangote, BUA, Flour Mills Of Nigeria by Afamsi: 3:42pm On Jul 19
angry For these people to henceforth decide the fate of Nigerians as far as sugar price is concerned abi? Apc has got a new arm
Re: CBN Restricts Sugar Importation To Dangote, BUA, Flour Mills Of Nigeria by Emmypure: 4:03pm On Jul 19
Chai I just wept
Re: CBN Restricts Sugar Importation To Dangote, BUA, Flour Mills Of Nigeria by Nbotee(m): 4:15pm On Jul 19
Dis is exactly why the rich will keep getting richer and the poor poorer
Re: CBN Restricts Sugar Importation To Dangote, BUA, Flour Mills Of Nigeria by funshint(m): 4:36pm On Jul 19
So what happens to other sugar manufacturers like Nasco or other medium sized manufacturers? When you create a separate laws just to cater for a few, this is just unfair and evil.
Re: CBN Restricts Sugar Importation To Dangote, BUA, Flour Mills Of Nigeria by dirtydiva(m): 5:00pm On Jul 19
Limiting sugar importation to Kano business mafia is another slap to those who want to invest in such business. These government should stop treating southerners like say they are not part of the economic growth of Nigeria
Re: CBN Restricts Sugar Importation To Dangote, BUA, Flour Mills Of Nigeria by Mide3367: 8:10pm On Jul 19
It is finished.. So people that do buy import icumsa 45 sugar for their companies can't do that again
Re: CBN Restricts Sugar Importation To Dangote, BUA, Flour Mills Of Nigeria by Johnrake69: 8:16pm On Jul 19
Lol... Don't know how long it's going to take us to realize that Nigeria has been shared. We're moving towards a one party system. Every political elite and their capitalist business partner
Re: CBN Restricts Sugar Importation To Dangote, BUA, Flour Mills Of Nigeria by clarocuzioo(m): 8:26pm On Jul 19
What happens to.other sugar importers? Dangote keep thriving on monopoly.

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