shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » Only Dangote, BUA, Golden Can Import Sugar, Says CBN

Only Dangote, BUA, Golden Can Import Sugar, Says CBN

by Joshua
July 17, 2021
in Featured

The Central Bank on Nigeria has restricted the importation of sugar into the country to three companies: BUA Sugar Refinery Ltd, Dangote Sugar Refinery Plc, and Golden Sugar Company.

CBN HEADQUARTERS

The CBN stated the reason the three companies were the only ones allowed to import sugar into the country is because of their notable contribution to the backward integration programme introduced by the Federal Government.

It added that henceforth, no company outside the aforementioned three should import sugar into the country.

This was disclosed in a circular issued on Friday by the bank’s Director, Trade and Exchange Department, Dr Ozoemena Nnaji, with reference number TED/FEM/PUB/FPC/01/006.

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.

Read Also:  3 Tons Of Cocaine Found In Banana Puree Shipment At Dutch Port

“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.”

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

He had said, “We are looking at sugar and wheat. We started a programme on milk about two years ago. Eventually, these products will go into our FX restriction list.”

Nigeria currently spends between $600m to $1bn on sugar importation annually.

shippingposition

Kindly like us on Facebook


Tags: BUACBNDangote

Related Posts

Customs Intercepts ₦9.2bn Worth of Fake Bedroom Booster, Others

Customs Intercepts ₦9.2bn Worth of Fake Bedroom Booster, Others

July 11, 2025
Customs, NAFDAC Inaugurate Implementation Committee for 2024 MoU

Customs, NAFDAC Inaugurate Implementation Committee for 2024 MoU

July 11, 2025
Nigeria Customs Intercepts Container with Over 10,000 Donkey Genitals

Nigeria Customs Intercepts Container with Over 10,000 Donkey Genitals

July 11, 2025
Senate Hails Adeniyi’s Election as WCO Council Chair, Says It’s  a Major Win for Nigeria’s Global Trade Leadership

Senate Hails Adeniyi’s Election as WCO Council Chair, Says It’s  a Major Win for Nigeria’s Global Trade Leadership

July 11, 2025

Discussion about this post

Latest News

Customs Intercepts ₦9.2bn Worth of Fake Bedroom Booster, Others

Customs Intercepts ₦9.2bn Worth of Fake Bedroom Booster, Others

July 11, 2025

Customs, NAFDAC Inaugurate Implementation Committee for 2024 MoU

Nigeria Customs Intercepts Container with Over 10,000 Donkey Genitals

Senate Hails Adeniyi’s Election as WCO Council Chair, Says It’s  a Major Win for Nigeria’s Global Trade Leadership

Oyetola Launches Door-to-Door’ Diplomacy for Nigeria’s IMO Council Bid

FG Urged To Link Warri-Itakpe Rail To Inland Ports, Road Networks

Red Sea Operation Rescues 4 More From Cargo Ship Sunk By Houthis

Shippers’ Council Set to Establish Border Information Centre at Idiroko, Bolster Trade Efficiency

NSC Boss Urges Cooperative Members to Invest in Housing for Long-Term Wealth

FAAN, Customs Intensify Efforts To Exit Grey List

Lekki Port Expands Reach with Transhipment to West African Ports, Eyes 500,000 TEUs in 2025

MAMAL 2025: MARAN Targets Maritime Fraud, Demands End to War Risk Premiums on Nigerian Trade

kindly like our Facebook page

Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert
Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025

Mrs Roseline Akinlabi, Adolescent and Youth Sexual Reproductive Health Desk Officer, Osun Primary Healthcare Board, says contraceptive pills cannot cause...

ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

Health Facts You Didn’t Know

May 19, 2025
Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

April 28, 2025
Water And Health: The Relationship That Helps Life

Water And Health: The Relationship That Helps Life

April 28, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition