No company except Dangote, BUA, Golden can import sugar- CBN

By Modupe Shodeinde

The Central Bank of Nigeria has stated that only companies authorized to import sugar into the country are: BUA Sugar Refinery Ltd, Dangote Sugar Refinery Plc, and Golden Sugar Company.

In a circular issued on Friday by the bank’s Director, Trade and Exchange Department, Dr Ozoemena Nnaji, it disclosed that these three companies were the only ones allowed to import sugar into the country because of their notable contribution to the backward integration programme introduced by the Federal Government.

It read, “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 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: BUA Sugar Refinery Limited, Dangote Sugar Refinery Pic and Golden Sugar Company.

“In view of the forgoing, 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 programmes of all the companies.”

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