News in brief:
â Nigeria is collaborating with major sugar refineries, Dangote Sugar and BUA Sugar, to stabilise prices and boost domestic sugar production in anticipation of increased demand during Ramadan season.
â Trade minister Doris Uzoka expressed the governmentâs commitment to supporting the sector through advanced technology for efficiency.
In a bid to curb rising sugar prices and bolster domestic production, the Nigerian government has partnered with major sugar refineries under the National Sugar Master Plan (NSMP). This collaborative effort, announced by the Minister of Industry, Trade and Investment, Doris Uzoka Anite, aims to ensure price stability, particularly during the upcoming Ramadan period.
Currently, sugar prices in Nigeria fluctuate between â¦60,000 and â¦62,000 per 50kg bag, often spiking due to increased demand during Ramadan. To address this issue, the government has engaged key players like Dangote Sugar Refinery, BUA Sugar Refinery, and Flour Mills Limited in a concerted effort to stabilise prices and enhance local production capacity.
The minister stated that sugar pricing is essential to almost every home and expressed the governmentâs resolve to ensure its prices stay stable while creating a flourishing sugar industry.
Furthermore, she pledged the governmentâs support to the sector through initiatives like collaborating with the Federal Ministry of Science, Technology, and Innovation to provide cutting-edge machinery and equipment.
Dr. Anite also emphasised the need for continued excellence and efficiency in production, emphasising that sub-par performance within the NSMP will not be tolerated. A visit to Golden Sugar Company, which formed part of the ministers sugar refineries tour, served as a platform to address performance concerns and reiterate the governmentâs unwavering stance on elevating standards within the sugar industry.
This collaborative approach, coupled with investments in technology and improved production efficiency, is expected to yield positive results. The potential benefits include stable sugar prices, increased domestic production and improved industry standards.
