Buhari regime gives sole sugar importation licence to Dangote, BUA, Golden
The Buhari regime has announced that only BUA Sugar Refinery Limited, Dangote Sugar Refinery Plc and Golden Sugar Company will be allowed to import sugar into the country.
The Central Bank of Nigeria (CBN) made the announcement on Friday, in a circular issued by the director, Trade and Exchange Department, Ozoemena Nnaji.
According to the central banker, the decision to make those companies sole importers of sugar is as a result of their progress in achieving Backward Integration Programme.
“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,” it said.
“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,” CBN noted.
It further warned that no other company apart from the three would be allowed access foreign exchange from the forex market to import sugar into the country without prior and express approval of the CBN.
It added, “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 programmes of all the companies.”
In April, CBN announced plans to include sugar on the list of import items banned from accessing foreign exchange.
CBN Governor Godwin Emefiele 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.”
The decision, according to him was because “we spend $600 million to $1 billion importing sugar into the country annually”, and “we must all work together to produce these goods in Nigeria rather than import them.”
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Kidnapping: Six female students rescued from bandits in Katsina, says military
The students were rescued along the Daye-Malufashi road in Danmusa council area after troops responded to a kidnapping incident at about 10:48 p.m. on Monday.
Agriculture
Ogun: Urgent response advised amid African swine fever outbreak
Eustace Iyayi, special assistant to the livestock development minister, Idi Maiha, called for an emergency response to the African swine fever outbreak in Ogun.
Economy
Ethiopia seeks world’s largest producer of arabica coffee status
Ethiopia is modernising its coffee industry to become the world’s largest producer of arabica coffee.
World
Vietnam now Southeast Asia’s largest electric-car market with 40% share
Vietnam became Southeast Asia’s largest electric-car market in 2025, with electric vehicles accounting for nearly 40 per cent of new-car sales, according to the IEA.
Anti-Corruption
Charlotte City councilwoman Tiawana Brown, two daughters sentenced for COVID-19 loan fraud
Ms Brown will spend 10 months in prison and two years of supervised release, while her daughters, Tijema Brown, 32, and Antionette Rouse, 34, were also sentenced.
Africa
Ghana: Mahama urges developing countries against dependency on foreign health aid
Mr Mahama stated this while launching the ‘Sovereign Future’ report, which aims to reshape global health governance and foster self-reliance across the Global South.
