The Central Bank of Nigeria (CBN) has granted license to three companies to exclusively import sugar into the country.
The companies are Dangote, BUA and Golden Sugar, which is owned by Flour Mills.
The license restricts all dealers from accessing foreign exchange for sugar importation.
The three companies also possess capability to refine sugar.
The apex bank, in a statement published on Friday on its website, O. S. Nnaji, CBN’s Director of Trade & Exchange, said the approval of the import license which he said 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.
The CBN further said all authorized dealers “shall not open Form M or access foreign exchange in the Nigerian foreign exchange market for any company, including the three companies,” for the importation of sugar into the country without prior and express approval from it.