NPA turns screw on BUA Sugar Refinery, bans importation from FTZ tribuneonlineng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribuneonlineng.com Daily Mail and Mail on Sunday newspapers.
While, a monopoly in an economy could not be described as an animate being in the same way that mythical Medusa was, its menace of destructively consuming communities renders it an altered personification of a hydra-headed monster itself. And like most fabled Gorgon monsters, a valiant heroic Titan is needed to defeat it.
In our world, the recent ‘sugar’ dispute between Dangote Industries Limited and The BUA Group is a modern-day reverberating saga of how this different form of hydra-headed monster, is being confronted and gallantly defeated by one of Nigeria’s very own indigenous Titans.
A monopoly, in any form, is truly a hydra-headed monster, which has a penchant for destroying the Nigerian dream and does not prognosticate well for the economy primarily. There are several facets that render a monopoly a hydra-headed monster, least of which is that it creates a market concentration that likely results in higher commodity prices than in a more competitive market.
Golden Sugar to expand production capacity by 250,000 tonnes The Punch
Published 5:22 am
Flour Mills of Nigeria Plc has said its subsidiary, Golden Sugar Company Limited, is working to increase its sugar production capacity by 250,000 tonnes per annum.
The Deputy Chief Operating Officer, Agro-allied Division, FMN, Mr Sadiq Usman, said the company remained committed to the Backward Integration Programme of the Federal Government.
He spoke during the visit of the members of National Sugar Development Council to FMN’s sugar refinery in Apapa, Lagos, on Wednesday.
According to the Deputy General Manager, Golden Sugar Company, Mr John Maniatis, the refinery has a production capacity of 750,000 tonne per annum.
Flour Mills acquires 5,200 hectares of land, sets N160 billion as cost of the new expansion project nairametrics.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nairametrics.com Daily Mail and Mail on Sunday newspapers.
How Nigeria’s sugar production collapsed for decades, allowing Dangote, BUA imports to thrive
Nigeria has relied almost entirely on sugar imports for at least 30 years despite the government’s professed efforts to boost local production. 3 min read
Nigeria produced far less sugar in 2020 than it did in 1990 and repeatedly failed to meet its production targets, allowing massive importation to flourish for decades as domestic demand grew, government data show.
The data, generated by the
Nigerian Sugar Development Council (NSDC), show that despite the government’s professed efforts to boost local production of sugar, and claims by Dangote Plc and BUA Group to have substantially invested in that programme, the nation has relied almost entirely – over 98 per cent on the importation of raw sugar for the last 30 years.