In a recently released update on sugar importation, the Central Bank of Nigeria has authorised only three companies to import sugar into the country. A letter from the Corporate Head Office of the Bank signed by the Director, Trade and Exchange, Dr. O.S. Nnaji, said the only companies allowed to import sugar were BUA Sugar Refinery Limited, Dangote Sugar Refinery Plc and Golden Sugar Company.
According to the letter, they were authorized because they “have made reasonable progress in achieving the backward integration in the sector”. The letter stated, ”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.”
To enforce its rule, the CBN has mandated that all attempts to access foreign exchange to import sugar must be approved by itself including those from the approved companies. It said, “In view of the foregoing, 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 programmes of all the companies.”