CBN clears Dangote, BUA to import sugar

CBN clears Dangote, BUA to import sugar

The Central Bank of Nigeria (CBN) has cleared BUA Sugar Refinery Limited, Dangote Sugar Refinery Plc and Golden Sugar Company to import sugar into the country.

The apex bank disclosed that the three have made reasonable progress in achieving backward integration in the sector.

In circular issued by the Director of CBN Trade and Exchange Department, Mr Ozoemena Nnaji, the bank noted that the 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.

Nnaji added that the bank is charged with the mandate of monitoring the implementation of the backward integration programs of all the companies.

"Federal Government of Nigeria under the National Sugar Development Council established the Nigerian Sugar Master Plan to encourage and incentivize sugar refining companies in their Backward Integration Program (BIP) for local sugar production," it stated.

The Central Bank of Nigeria had earlier announced plans to place sugar and wheat on its foreign exchange restriction list.