The Federal Government takes steps to curb the increasing price of sugar.

 

The Federal Government, through the Ministry of Industry, Trade and Investment, is collaborating with major companies operating under the pioneer status of the National Sugar Master Plan to address the escalating price of sugar and enhance local sugar production capacity in Nigeria. Minister of Industry, Trade and Investment, Dr. Doris Uzoka Anite, made this announcement after touring sugar companies, emphasizing the importance of stabilizing sugar prices, especially in anticipation of the upcoming Ramadan period.

As the holy month of Ramadan approaches, marked by fasting and prayer among Muslims globally from March 10 to April 9, 2024, the demand for sugar and related products typically surges, leading to a significant price hike. Presently, market surveys indicate that a 50kg bag of sugar is selling between N60,000 to N62,000, depending on the location of purchase.

Minister Anite expressed the government's commitment to ensuring stable sugar prices, acknowledging the impact on nearly every household in Nigeria. During her visit to sugar producers like Dangote Sugar Refinery Plc, BUA Sugar Refinery Ltd, Flour Mills Limited, Bestaf Ltd, and Golden Sugar Company, she commended their commitment to innovation and quality. The sugar refineries pledged their support to the government's efforts to strengthen the agricultural sector for food security.

To further enhance the sector, Minister Anite revealed plans for collaboration with the Federal Ministry of Science, Technology, and Innovation to provide advanced machinery and equipment, reducing the need for importation and promoting international standards. She emphasized the importance of meeting sugar consumption demands in the country while urging continued excellence and efficiency in production.

Addressing performance concerns during her visit to the Golden Sugar Company, Minister Anite stressed that subpar performance within the National Sugar Master Plan (NSMP) would not be acceptable. The collaborative efforts between the government and the private sector, particularly in maintaining stable prices during Ramadan, demonstrate a synergistic relationship working toward common goals for national development. The minister's visit served as a strategic platform to communicate the government's unwavering commitment to elevating performance standards within the sugar industry.