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Government moves to stabilize sugar prices

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By Abdulwasiu Usman

Major sugar refineries have collectively pledged to ensure price stability.

In recent years, sugar prices in Nigeria have been soaring along with the demand for food commodities. However, the country’s major sugar refineries have now made a collective pledge to ensure that prices remain stable. This commitment has been officially confirmed by the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, in a statement issued by Tolu Moyan, the Special Assistant on Media to the Minister. The pledge signifies a positive step towards addressing the concerns surrounding the rising cost of sugar and other essential food items in Nigeria’s market.

Among the prominent sugar industry actors the minister visit include Dangote Sugar Refinery Plc, BUA Sugar Refinery Ltd., Flour Mills Ltd., Bestaf Ltd., Golden Sugar Company, and the Coca-Cola Hellenic Bottling Company (CHBN). Uzoka-Anite praised the refineries, recognizing their unwavering determination to uphold price stability. She conveyed that this demonstrates their unwavering support for the nation during this crucial period. Uzoka-Anite emphasized that this action syncs with the Federal Government’s objectives of ensuring food security and economic stability, aligning with President Bola Tinubu’s 8-Point Agenda.

Sugar refineries have proven their dedication.

She provided reassurance regarding sugar prices, assuring that there will be no surge, particularly throughout the forthcoming Ramadan season. The sugar refineries have proven their dedication to supporting the agricultural sector and food security, which are fundamental aspects of President Tinubu’s agenda for transformation. By ensuring price stability during Ramadan, the sugar industry showcases a collaborative partnership between the government and the private sector, uniting their efforts towards shared objectives. Uzoka-Anite said she had observed their commitment towards creating refined sugar of superior quality.

While acknowledging their praiseworthy efforts, she emphasized that our shared objective necessitates an even loftier standard. The minister underscored the importance of not tolerating any underperformance in relation to the sugar master plan. Consequently, she urged the refineries to not only stabilize prices throughout Ramadan, but also strive to improve productivity and efficiency, aligning with the Federal Government’s vision. Under President Muhammadu Buhari’s era, Nigeria made a significant strive on the strategic National Sugar Master Plan aiming to enhance domestic sugar production, alleviate poverty, and foster infrastructural growth.

Second phase of the sugar plan approved from 2023-2032.

Subsequently, in the year 2022, the implementation of the second phase of this plan received approval for execution. This extensive implementation period is slated to take place from 2023 to 2032, with hopes of significantly bolstering the nation’s sugar industry while concurrently fostering infrastructural and socio-economic progress. Despite committing over ₦170bn to boosting self-sufficiency in sugar production, Nigeria spent about ₦2.7tn on raw sugar imports during the decade-long period of the National Sugar Master Plan.

The figures, going by the goal of the NSMP, means that very little has been achieved by way of cutting down on sugar imports and improving infrastructure that will enable Nigeria to achieve self-sufficiency and also export sugar to foreign countries. Aliko Dangote, the chairman of Dangote Sugar Refinery Plc, expressed his belief in the potential of the National Sugar Master Plan (NSMP) to generate over $700 million in foreign exchange annually through its Backward Integration element. To support Nigeria’s push for self-sufficiency in sugar production, the BUA Group has made significant investments in expansive properties across the country.

Related Article: Raw sugar imports cost Nigeria N2 trillion+ 

One such venture involved acquiring the Lafiagi Sugar Company Ltd (LASUCO) in 2008, located in Kwara state, as well as establishing the Bassa Sugar Company in Kogi State. Through these endeavors, BUA Group aims to enhance the local sugar industry and promote indigenous production. BUA Group’s recent endeavors involve the procurement of approximately 70,000 hectares of land in two different locations, all of which will be utilized for the establishment of vast sugar plantations. Undoubtedly, once these projects are fully operational, they will make a substantial contribution to the growth and progress of Nigeria’s domestic sugar industry.


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AN-Toni
Editor
1 month ago

Government move to stabilize sugar prices.Major sugar refineries have collectively pledged to ensure price stability.Express your point of view.

Taiwo
Member
1 month ago

an endeavor by the government to stabilize sugar prices. Major sugar refineries have committed to maintaining price stability collectively.This is an incredible advance by the sugar industries. Sugar will be more affordable for consumers if its price is stabilized.

Kazeem1
Member
1 month ago

My praise goes out to the government for working with large sugar refineries to keep sugar prices stable. It is the government’s responsibility to work with the refineries to keep sugar and related goods reasonably priced for the general public.

Adeoye Adegoke
Member
1 month ago

That’s great news! It’s important for the government and major sugar refineries to work together to stabilize sugar prices. Price stability can have a positive impact on consumers and businesses alike. It helps ensure that sugar remains affordable and accessible to everyone, while also promoting a stable market for producers. This collaborative effort shows a commitment to finding solutions that benefit both the industry and consumers. It’s encouraging to see such initiatives being taken to address economic concerns and support the well-being of the people. 🍬👍

SarahDiv
Member
1 month ago

This collaboration between government and major sugar refineries to stabilize prices is a positive step towards economic stability and food security. It reflects a commitment to President Tinubu’s agenda and the National Sugar Master Plan. Continued efforts are needed for self-sufficiency, and the partnership during Ramadan is commendable. 🇳🇬🌾 #NigeriaEconomy #FoodSecurity