FG pledges to keep up steady sugar worth

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The Federal Authorities has pledged to keep up equilibrium sugar costs throughout the nation in gentle of the surge within the worth of the commodity over the previous months.

Dr. Doris Uzoka-Anite, the Minister of Business, Commerce and Funding, made this pledge after assembly with the main sugar producers, a press release by Tolu Moyan, the minister’s particular assistant on media, revealed.

Nairametrics had earlier reported that the value of a ton of sugar rose 44.2% from N579,400 in July 2022 to N835,400 in July 2023. Equally, Dangote Sugar Plc elevated the web promoting worth of its sugar by 33% in 2023.

The minister visited Dangote Sugar Refinery Plc, BUA Sugar Refinery Ltd., Flour Mills Ltd., Bestaf Ltd., Golden Sugar Firm, and the Coca-Cola Hellenic Bottling Firm (CHBN).

Following the assembly with Uzoka-Anite, the sugar producers assured the minister of their dedication to sustaining sugar worth stability within the nation.

“Relaxation assured, there shall be no improve in sugar costs, particularly throughout Ramadan. The sugar refineries’ pledge is a transparent demonstration of their alignment with the federal government’s efforts to bolster the agricultural sector and meals safety, key parts of President Tinubu’s transformative agenda.
“The sugar business’s dedication to cost stability throughout Ramadan exemplifies a synergistic relationship between the federal government and the personal sector, working hand in hand to attain frequent objectives.
“I’ve witnessed their dedication to high-quality sugar manufacturing, and whereas that’s commendable, our collective aim calls for a better commonplace,” Uzoka-Anite acknowledged.

What it’s best to know

On a number of events within the final yr, 2023, Nairametrics reported a major improve within the worth of sugar throughout the nation.
In March 2023, Nairametrics reported that Dangote Sugar Plc elevated the web promoting worth of its sugar by 33% to offset foreign money adjustment and inflation stress.
Additionally, Nairametrics in September 2023, reported that the value of sugar hit N835,400 per ton for the week ending July 28, 2023, a 44.2% improve when in comparison with N579,400 per ton for the week ending July 29, 2022, in keeping with the Nationwide Sugar Improvement Council.
The Nairametrics report on the rise of sugar in September 2023 attributed the rise in sugar costs to the worldwide scarcity of sugar provide led to by drought that hit India, one of many commodity’s principal producers and exporters, in 2023.
Along with the drought that affected India’s optimum manufacturing of sugar in 2023, foreign exchange shortage and devaluation of the Naira additionally contributed to sugar imports.
The sugar refineries in Nigeria concentrate on importing uncooked sugar into the nation, the place it’s refined and offered.
The Nationwide Sugar Improvement Council has urged the main sugar producers within the nation, akin to Dangote Sugar Plc and BUA, to take a position extra in sugar manufacturing and use native extract for his or her refineries.
Nigeria imports about 98% of its sugar wants.