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Nigeria’s sugar import from Brazil hits N385bn despite CBN’s restriction

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Nigeria’s sugar import from Brazil has increased to N385 billion ($592.18 million) despite the Central Bank of Nigeria’s decision to place the commodity on the foreign exchange restriction list.

A obtained from Trade Data Monitor (TDM) revealed that Nigeria imported 965,000 metric tonnes of brown sugar valued at N385 billion ($592.18 million) from Brazil between January and June as price moved from $397 to $443 per tonne in one month.

The importation was 25,000 higher than what the country purchased within the same period of 2021 as Oyo, Ogun and Lagos States consumed 80 percent of the 1.75 million tonnes of sugar imported into the country.

Brazil has consistently been the main supplier of raw sugar, the main ingredient for sugar production in the country.

The data revealed that Nigeria imported 1.46 million tonnes of raw sugar from Brazil in 2021 and $730 million worth of the commodity in 2020.

READ ALSO: CBN clears Dangote, BUA on sugar importation to Nigeria

Due to the high demand for the commodity, the Nigerian Ports Authority (NPA)’s shipping data showed that Greenview Development Nigeria Limited (GDNL) at Lagos Port would take delivery of 92,210 tonnes of sugar by next week from two vessels – Aquarius Honor (45,850 tonnes) and Genco Brittany (46,360 tonnes).

In May, Greenview Development Nigeria Limited (GDNL) took delivery of 187,000 tonnes from four vessels with Common Galaxy leading with 48,800 tonnes; Bonny Island, 47,200 tonnes; Chayanee Naree, 46,000 tonnes and Karteria Bluesrar, 45,000 tonnes.

The terminal took delivery of 91,600 tonnes when Unity Bluestar offloaded 47, 200 tonnes and Ecoatlantic, 44,400 tonnes in April.

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