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

Poverty Alleviation: Sanwo-Olu Commended As Lagos Registers More Vulnerable Households

A civil society organization, the Campaign for Dignity in...

Voter Registration: Northern CAN Urges Nigerians, Religious Leaders to Mobilise Members

By Achadu Gabriel, Kaduna The Christian Association of Nigeria (CAN)...

JUST IN: Immigration Increases Passport Fees to N100,000 and N200,000

The Nigeria Immigration Service (NIS) has announced a new...

Bakassi Peninsula:Ex-AGF Aondoakaa,SAN, Lauds Late President Yar’Adua’s Action

Former Minister of Justice and Attorney General of the...

Another Tragic Boat Accident in Sokoto Claims 6 Lives, 3 Missing, 19 Rescued

By Muhammad Ibrahim, Sokoto A tragic boat mishap occurred in...

Revealed: Why AGF Halted Osun LG Allocations

By Our Reporters Abuja — The decision of the Attorney...

House of Rep denies leadership crisis, throws weight behind Speaker Abbas

Gabriel Achadu The House of Representatives has reacted to a...

2027: Middle Belt Group Protests PDP Zoning, Demands Presidential Ticket

By Israel Adamu, Jos The Cultural Middle Belt Renaissance Forum...

Plateau Youth Activist Hoomen Congratulates Dr. Cyril Tsenyil on NCDC Appointment

By Israel Adamu, Jos Plateau youth activist, Comrade Pius Hoomen,...

Ododo Orders Appointees to Return to LGAs for Grassroots Mobilisation on CVR

By Noah Ocheni, Lokoja Kogi State Governor, Alhaji Ahmed Usman...

Chinese film on Nanjing Massacre resonates with Nigerian audience Source:...

Oborevwori, Senator Nwoko Hail Igbo Socio-Cultural Group for Tackling Identity Crisis

By Anne Azuka The Igbo Unification Movement, in collaboration with...
spot_img

Related Articles

Popular Categories

spot_imgspot_img