CBN – sugar importation license to Dangote, BUA and Golden sugar refineries.
The Federal Government of Nigeria has limited sugar importation into the country to three companies;
- Dangote sugar refinery limited
- BUA Sugar refinery PLC
- Golden sugar company
The Central Bank of Nigeria, CBN, announced the new development in a statement on Friday.
The FG’s National Sugar Development Council targets incentivizing sugar refining companies in their backward integration programme (BIP) for sugar production in Nigeria.
This is the backdrop of its Nigerian Sugar Master Plan.
The CBN on sugar importation
The CBN stated the companies listed “have made reasonable progress in achieving backward integration in the sector.”
Therefore, Dangote Sugar Refinery Limited, BUA Sugar refinery PLC and Golden Sugar company are the only companies allowed to import sugar into Nigeria.
More so, it restricts access to foreign exchange to any company with the intention of sugar importation, including the three listed.
It warns that “Authorised dealers of foreign exchange in Nigeria shall not open Form M or access foreign exchange in the Nigerian foreign exchange market for any company.”
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Form M allows for the importation of goods into Nigeria by anyone and is granted only by the CBN.
According to the CBN, it has the mandate to monitor the implementation of the backwards integration programs of all companies. All sugar importation into Nigeria must go through approval from the CBN.
In April, the CBN had added sugar and wheat to its ban list and restricted access to foreign exchange.
Aside from sugar, the FG also plans to limit petroleum product importation into Nigeria to Dangote Refinery, a few others.