The Central Bank of Nigeria on Monday said it has approved BUA Sugar Refinery Limited, Dangote Sugar Refinery and Golden Sugar Company to import sugar into Nigeria given their commitment to ensuring the country is sugar sufficient through their backward integration.
This was contained in a statement signed by Dr. O.S Nnaji, Director Trade and Exchange Department, CBN.
The decision is in line with the Federal Government of Nigeria’s plan to encourage and incentivize sugar refining companies in their Backward Integration Program (BIP) for local sugar production.
This will allow the three companies to sustain production while simultaneously building their backward integration in the sector.
However, the apex bank said, “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 programs of all the companies.”
