Regulatory Alerts2021-07-16 | TED/FEM/PUB/FPC/01/006Sugar Importation in Nigeria
The Central Bank of Nigeria's Trade and Exchange Department has released a circular regarding sugar importation in the country. Only three companies, Bua Sugar Refinery Limited, Dangote Sugar Refinery Pic, and Golden Sugar Company, are permitted to import sugar into Nigeria due to their progress in the Backward Integration Program for local sugar production. Authorized dealers are instructed not to open Forms M or provide foreign exchange for sugar imports without the express approval of the Central Bank of Nigeria, which is responsible for monitoring the companies' backward integration programs.
TRADE AND EXCHANGE DEPARTMENT 09 46237804 09 46237802 E-mail address: ted@cbn.gov.ng TED/FEM/PUB/FPC/01/006 July 16, 2021 TO: ALL AUTHORISED DEALERS/ GENERAL PUBLIC
Sugar Importation In Nigeria
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:
- Bua Sugar Refinery Limited 2. Dangote Sugar Refinery Pic 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 RAL BANK OF N Please ensure strict compliance.
DR. O.S NNAJI DIRECTOR TRADE & EXCHANGE DEPARTMENT