The Nigerian Government says it has engaged major companies under the National Sugar Master Plan on terms to stop the rising price of sugar. It is also looking at improving the capacity of local sugar production in Nigeria.
The Minister of Industry, Trade and Investment, Dr. Doris Uzoka Anite revealed this after a tour of sugar companies in the country.
The minister in a statement on Wednesday said the move is to maintain the price stability of sugar, especially during the coming Ramadan period.
The month of Ramadan is a time dedicated to fasting and praying by Muslims around the world. It would be observed from March 10 to April 9, 2024.
Usually, during this period, there is always a hike in the price of sugar and related products due to the law of higher demand than supply.
A market survey shows that a 50kg bag of sugar sells between N60,000 to N62,000, depending on the area of purchase.
The Minister said, “The issue of sugar pricing is essential as it affects almost every household in Nigeria and today, I saw firsthand, a standard of innovation and commitment to quality. We stand firm in ensuring stable sugar prices, crucial for Nigerians, particularly during Ramadan as well as forge ahead in creating a sustainable and flourishing sugar industry for all.”
The minister visited sugar producers such as Dangote Sugar Refinery Plc, BUA Sugar Refinery Ltd, Flour Mills Limited, Bestaf Ltd, and Golden Sugar Company.
She stated that the sugar refineries’ pledge is a clear demonstration of their alignment with the government’s efforts to bolster the agricultural sector for food security and pledged the full support of the government to the growth of the sector.
Anita also revealed plans of collaboration with the Federal Ministry of Science, Technology, and Innovation to provide cutting-edge machinery and equipment to reduce importation and promote international standards.
“I have witnessed their dedication to high-quality sugar production. While commendable, our collective goal demands a higher standard.”
She acknowledged the industry’s effort to meet the demand for sugar consumption in the country and called for more excellence and efficiency in production.