Nigeria allows only three companies to import sugar

Abuja: Nigeria has granted permission to only three companies to import sugar, said the central bank stating that it would still need to approve such purchases.

The Central Bank of Nigeria had in April stated that it would not provide foreign currency to import sugar as the country is focussing on conserving national dollar reserves and encouraging local production.

The central bank had issued a circular dated July 16 stating that Dangote, owned by Africa’s richest man Aliko Dangote, Golden Sugar Company and Bua Sugar Refinery were the only firms that are permitted to import sugar and would have access to dollars from official dealers.

According to the National Sugar Development Council (NSDC), Nigeria consumes 1.7 million tonnes of sugar every year.

The sugar sector in the country is facing challenges like land access, community hostilities, natural disasters and foreign exchange restriction.
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