FG Moves to Stop Rising Sugar Price

The Federal Government is taking steps to address the increasing price of sugar and enhance local sugar production in Nigeria. Dr. Doris Uzoka Anite, the Minister of Industry, Trade and Investment, revealed that major companies operating under the pioneer status of the National Sugar Master Plan are being engaged to work together towards this goal.

The Minister’s statement emphasized the importance of stabilizing sugar prices, particularly during the upcoming Ramadan period. This initiative aims to mitigate the usual spike in sugar prices during Ramadan, a time of fasting and prayer observed by Muslims worldwide.

Currently, market surveys show that a 50kg bag of sugar is selling for N60,000 to N62,000, varying by location. Minister Anite stressed the significance of addressing sugar pricing, stating it directly impacts households across the country. She highlighted the need to ensure stable sugar prices, especially during Ramadan, and to foster a sustainable and prosperous sugar industry.

The Minister visited leading sugar producers, including Dangote Sugar Refinery Plc, BUA Sugar Refinery Ltd, Flour Mills Limited, Bestaf Ltd, and Golden Sugar Company. She commended their commitment to quality sugar production and underscored the government’s support for the sector’s growth.

Plans for collaboration with the Federal Ministry of Science, Technology, and Innovation were also disclosed to facilitate the acquisition of advanced machinery and equipment, reduce importation, and promote international standards.

During her visit to Golden Sugar Company, Minister Anite emphasized the importance of maintaining high performance within the National Sugar Master Plan. She lauded the industry’s dedication to stabilizing prices during Ramadan, emphasizing the collaborative relationship between the government and the private sector in achieving shared objectives.

The Minister’s visit served as a platform to communicate the government’s unwavering commitment to raising performance standards within the sugar industry. The engagement of key stakeholders and industry players reflects a concerted effort to address the challenges facing the sugar sector in Nigeria.