The Central Bank of Nigeria (CBN) in a circular on their website last week listed only three companies that would be allowed to import sugar into the country.
These companies include: BUA Sugar Refinery Limited, Dangote Sugar Refinery Plc and Golden Sugar Company.
The Federal Government of Nigeria under the National Sugar Development Council established the Nigerian Sugar Master Plan to encourage and incentivize sugar refining companies in their Backward Integration Program (BIP) for local sugar production.
According to CBN, the three companies selected have made reasonable progress in achieving backward integration in the sector.
“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.”