Federal Government Engages Sugar Companies To Stabilize Prices

The Federal Government, through the Ministry of Industry, Trade and Investment, has initiated collaborative efforts with major companies operating under the pioneer status of the National Sugar Master Plan (NSMP). The aim is to address the escalating price of sugar and enhance the capacity of National Sugar Master Plan (NSMP) in Nigeria.

Minister of Industry, Trade and Investment, Dr. Doris Uzoka Anite, made this announcement following her tour of sugar companies. In a statement released on Wednesday, the minister highlighted that the move is crucial to maintaining price stability, especially with the approaching Ramadan period.

The holy month of Ramadan, scheduled to take place from March 10 to April 9, 2024, involves fasting and praying by Muslims globally. During this time, there is traditionally a surge in demand for sugar and related consumables, leading to a significant increase in prices.

Presently, market surveys indicate that a 50kg bag of sugar is priced between N60,000 to N62,000, depending on the purchase location.

Minister Anite emphasized, "The issue of sugar pricing is essential as it affects almost every household in Nigeria. 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 forging ahead in creating a sustainable and flourishing sugar industry for all."

During her tour, the minister visited prominent sugar producers, including Dangote Sugar Refinery Plc, BUA Sugar Refinery Ltd, Flour Mills Limited, Bestaf Ltd, and Golden Sugar Company.

Anite highlighted that the commitment of these sugar refineries demonstrates their alignment with government efforts to strengthen the agricultural sector for food security. She pledged the full support of the government to the growth of the sector.

Furthermore, Minister Anite revealed plans for collaboration with the Federal Ministry of Science, Technology, and Innovation to provide cutting-edge machinery and equipment. This initiative aims to reduce importation and uphold international standards in the sugar production process.