Nigerian govt engages manufacturers to reduce price of sugar

The Federal Government has initiated efforts to cutdown the rising price of sugar and improve the capacity of local sugar production in Nigeria.

The Minister of Industry, Trade and Investment, Dr. Doris Uzoka, disclosed this on Wednesday after a tour of sugar companies in the country.

According to Uzoka, she had engaged major companies under the pioneer status of the National Sugar Master Plan on collaborative terms to curtail the rising price.

The Minister in a statement on Wednesday noted that the move was targeted at maintaining the price stability of the product, especially during the upcoming Ramadan period.

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The Ramadan period starts from March 10 and ends on April 9, 2024. It is a period Muslims around the world pray and fast.
Usually, during this period, the price of sugar and related consumables increases drastically due to high demand.

According to a market survey, 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, however, had visited sugar producers such as Dangote Sugar Refinery Plc, BUA Sugar Refinery Ltd, Flour Mills Limited, Bestaf Ltd, and Golden Sugar Company.

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