The Central Bank of Nigeria (CBN) has granted three companies exclusive permission to import sugar into the country.
All dealers are prohibited from using foreign exchange for sugar importation under the terms of the license.
Dangote, BUA, and Golden Sugar are the companies, which are all owned by Flour Mills.
All three are also capable of sugar refinement.
The approval of the import license, which is in line with the Federal Government’s National Sugar Master Plan to encourage and incentivize sugar refining companies in their backward integration programme for local sugar production, came after a review of the three companies’ achievement of reintegration, according to the CBN Director of Trade and Exchange O. S. Nnaji.
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As a result, the CBN stated that without prior and express approval from it, all authorized dealers shall not open Form M or access foreign exchange in the Nigerian foreign exchange market for any company, including the three companies, for the importation of sugar into the country.
The CBN is responsible for monitoring the implementation of all companies’ backward integration programs under the Nigerian Sugar Master Plan, which is overseen by the Federal Government through the National Sugar Development Council.