CBN Lists Three Companies Licensed To Import Sugar

CBN Lists Three Companies Licensed To Import Sugar

The Central Bank of Nigeria (CBN) has disclosed the three companies licensed to import sugar into the country.

This disclosure was made in a statement signed by the Director of Trade and Exchange Department, Dr. O.S Nnaji.

The list includes local sugar refineries like Dangote Sugar Refinery, Bua Sugar Refinery Limited, and Golden Sugar Company.

It noted that the companies were selected because they had made “reasonable progress” in meeting the backward integration goal in the sugar business.

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CBN said, “The federal government of Nigeria under the National Sugar Development Council established the Nigeria Sugar Master Plan to encourage and incentivise sugar refining companies in their Backward Integration Programme (BIP) for local sugar production.

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

“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 prior Express approval of the CBN as the bank is charged with the mandate of monitoring the implementation of the backward integration programme of all companies.

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