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CBN Restricts Sugar Importation to Dangote, BUA, FMN

Obinna Chima The Central Bank of Nigeria (CBN) yesterday stated that sugar importation in the country can only be done by Dangote Sugar Refinery Plc, Golden Sugar Company, owned by Flour Mills of Nigeria Plc and BUA Sugar Refinery Limited. The central bank disclosed this in a circular dated July 16, titled: “Sugar Importation in Nigeria,” signed by the Director, Trade and Exchange Department, CBN, Dr. Ozoemena Nnaji, a copy of which was posted on the regulator’s website yesterday. The CBN hinged its reason for selecting the aforementioned sugar manufacturers on the fact that the three companies had made reasonable progress in achieving backward integration in the sector.

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