x

CBN Restricts Sugar Importation To Dangote, Flour Mills And BUA

The Central Bank of Nigeria on Friday limited the importation of sugar into the country to three companies: Dangote Sugar Refinery Plc, BUA Sugar Refinery Limited, and Golden Sugar Company, which is owned by Flour Mills of Nigeria Plc.

According to the CBN, in a statement signed by its director of trade and exchange department, Ozoemena Nnaji, the three firms “have made reasonable progress in achieving backward integration” in the sugar sector.

Backward integration is when a company expands its role to fulfill tasks formerly completed by businesses up the supply chain.

It can be used to measure how much a company has invested in the development of a sector.

“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 (BIP) for local sugar production,” the CBN statement said.

“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 Plc, 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 programs of all the companies.”

Hot this week

Ruben Amorim’s Bold Faith in Senne Lammens Pays Off as Rio Ferdinand Delivers Five-Word Verdict

Manchester United’s dramatic 2-1 victory over Liverpool at Anfield...

North Central Development Commission Condoles with Senator Abba Moro Over Death of Son, Grandson

By Abel Zwanke, LafiaThe Managing Director and Chief Executive...

CROSSJOF Felicitates Gov. Bassey Otu at 66

By Joyce Remi-BabayejuThe Cross River State...

Kogi State Polytechnic Urges Prosecution of Staff Over Alleged Salary Fraud

By Noah Ocheni, LokojaThe Management of Kogi State Polytechnic,...

Victor Osimhen Sets New Galatasaray Record With Brilliant Brace Against Bodø/Glimt

 Victor Osimhen continued his sensational European form on Wednesday...

FG, Senate Leaders Head to Washington to Avert U.S. Sanctions Over Alleged Christian Genocide

 Top officials from the Federal Government and the National...

Kogi State Polytechnic Urges Prosecution of Staff Over Alleged Salary Fraud

By Noah Ocheni, LokojaThe Management of Kogi State Polytechnic,...

North Central Development Commission Condoles with Senator Abba Moro Over Death of Son, Grandson

By Abel Zwanke, LafiaThe Managing Director and Chief Executive...

Outcry as WhatsApp Bans Nigerian Journalist’s MTN Line Without Warning or Clear Reason

By Achadu Gabriel, KadunaThere has been widespread outrage following...

KOSIEC Announces 2026 Local Government Council Elections in Kogi State

By Noah Ocheni, LokojaThe Kogi State Independent Electoral Commission...

Related Articles

Popular Categories

spot_imgspot_img