The Central Bank of Nigeria CBN who had earlier put a ban on sugar importation and restricted its access to foreign exchange has named three companies allowed in the jurisdiction.
The bank released a statement saying that only three companies, Bua Sugar Refinery, Dangote Sugar refinery and Golden sugar company have made reasonable progress in achieving their backwards integration (BIP) in local sugar refining, therefore they are the only three allowed to import sugar.
The FG had set up the Nigerian Sugar Master Plan under the National Sugar Development Council to encourage companies backwards integration program.
However, several companies have been slow to accomplish the BIP.
- Dangote, BUA, and Golden sugar refinery only, allowed sugar importation – CBN
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Furthermore, the CBN warns authorised dealers of foreign exchange to avoid supplying companies who want to import sugar.
Considerably, the three companies on the CBN list for sugar importation will also participate in the foreign exchange restriction.
However, the CBN also said that all sugar importation must receive approval since it has the mandate to monitor the BIP Implantation.
CBN’s director of trade and exchange O. S. Nnaji signed the document published by the CBN on Friday, June 16.