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CBN approves 3 firms with license to import sugar

By Nneka Nwogwugwu

The Central Bank of Nigeria (CBN) has licensed three firms to exclusively import sugar into Nigeria.

This was said in a public statement published on Friday on its website, signed by the CBN Director of Trade & Exchange O. S. Nnaji.

The licence restricts all dealers from accessing foreign exchange for sugar importation.

The firms are Dangote, BUA and Golden Sugar, owned by Flour Mills.

The statement said the approval of the import license which is in line with the Federal Government National Sugar Master Plan to encourage and incentivize sugar refining companies in their backward integration programme for local sugar production followed a review of the three companies’ achievement of reasonable progress on the policy in the sector.

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