The Central Bank on Nigeria has restricted the importation of sugar into the country to three companies: BUA Sugar Refinery Ltd, Dangote Sugar Refinery Plc, and Golden Sugar Company.
The CBN stated the reason the three companies were the only ones allowed to import sugar into the country is because of their notable contribution to the backward integration programme introduced by the Federal Government.
It added that henceforth, no company outside the aforementioned three should import sugar into the country.
This was disclosed in a circular issued on Friday by the bank’s Director, Trade and Exchange Department, Dr Ozoemena Nnaji, with reference number TED/FEM/PUB/FPC/01/006.
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.