Backward Integration: CBN Clears Dangote, BUA on Sugar Importation into Nigeria

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Friday, July 16, 2021 / 06:50 PM / By CBN / Header Image Credit: NPR/Ecographics

 

The 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.

 

Accordingly, the underlisted three companies, who have made reasonable progress in achieving backward integration in the sector shall only be allowed to import sugar into the country: :

1. BUA Sugar Refinery Limited

2. Dangote Sugar Refinery Plc

3. Golden Sugar Company

 

In view of the forgoing, 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. 

 

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