CBN clears Dangote, two others to import sugar

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

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

In circular signed by the Director, Trade and Exchange Department  CBN, 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.

It 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.

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

Lagos Is Second Least Liveable City In The World For 2021

Lagos is the second least liveable city in the world for the year 2021. This is according to the most recent annual ranking put together by the Economist Intelligence Unit (EIU)…

FACT CHECK: Did UNICEF Say Blocking Children’s Access To Pornography Constitutes Human Rights’ Infringement?

CLAIM 1: A Twitter user claims UNICEF said any efforts to block children from accessing pornography might infringe their human rights.

VERDICT: MISLEADING!