FG bans importation of raw sugar from January 1

MINISTER of Trade and Investments, Dr. Olusegun Aganga, Monday, said the Federal Government has concluded plans to ban the importation of raw sugar with effect from January 1, 2013. 

 He also disclosed the government expects to generate $17.4 billion in 2013 from planned introduction of weight measuring in some sectors of economy, in 2013, while also saving the nation $3 billion within the same period.

 Aganga who spoke at the Ministry of Trade & Investments’ second annual seminar for Industry Correspondents and Group Business Editors in Abuja said the proposed ban on all sugar in retail packages was part of the federal government’s National Sugar Master Plan. 

Currently, there are two major investors in sugar industry which are Dangote Sugar Refinery and Bua Sugar Refinery. The minister noted that objectives of the National Sugar Master Plan include raising local sugar production to attain self sufficiency, stemming the tide of high level importation, creating of huge number of job opportunities, as well as contributing to the production of ethanol and generation of electricity.

 He explained that currently 98 percent of brown sugar which are refined into white sugar is imported into the country from Brazil, adding: “All these are going to change next year as only investors who are committed to backward integration in the sugar sector will be given licence to import certain quotas into the country in order to augment local production.