FG engages sugar companies to stabilize prices

By Ibidunni Banjoko
The Ministry of Industry, Trade and Investment has initiated collaborative efforts with major companies operating under the pioneer status of the National Sugar Master Plan. This step aims to address the escalating price of sugar and bolster local sugar production capacity in Nigeria.Dr. Doris Uzoka Anite, the Minister of Industry, Trade and Investment, revealed this development following a tour of various sugar companies. Anite emphasized that this move is geared towards ensuring price stability of sugar, particularly during the upcoming Ramadan period.

The Ramadan month, observed by Muslims worldwide from March 10 to April 9, 2024, typically witnesses a surge in demand for sugar and related consumables, leading to a significant price hike due to limited supply.

At present, market surveys indicate that a 50kg bag of sugar is selling between N60,000 to N62,000, with slight variations based on location.

Anite remarked, “The issue of sugar pricing is critical, affecting almost every household in Nigeria. Today, I witnessed firsthand the commitment to quality and innovation. We are committed to ensuring stable sugar prices, particularly during Ramadan, and advancing a sustainable and thriving sugar industry.”

During her visits to sugar producers like Dangote Sugar Refinery Plc, BUA Sugar Refinery Ltd, Flour Mills Limited, Bestaf Ltd, and Golden Sugar Company, the Minister highlighted their pledge to align with government efforts aimed at bolstering the agricultural sector for food security.

Anite announced plans for collaboration with the Federal Ministry of Science, Technology, and Innovation to provide cutting-edge machinery and equipment, thereby reducing importation and enhancing adherence to international standards in sugar production.

While commending the industry’s efforts to meet sugar consumption demands in the country, the Minister stressed the need for sustained excellence and efficiency in production.

Moreover, Anite addressed concerns regarding performance during her visit to Golden Sugar Company, emphasizing that subpar performance within the National Sugar Master Plan would not be tolerated.

She praised the collaborative commitment between the government and the private sector towards ensuring price stability during Ramadan, considering it a significant step towards national development.

The Minister’s visit served as a strategic platform to communicate the government’s unwavering dedication to elevating performance standards within the sugar industry, ensuring stability in the supply and pricing of sugar, especially during critical periods like Ramadan.


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