Report has it that the Federal Government through the Ministry of Industry, Trade and Investment has engaged major companies under the pioneer status of the National Sugar Master Plan on joint terms to curb the increasing price of sugar and improve the capacity of local sugar production in the country.
The Minister of Industry, Trade and Investment, Dr. Doris Uzoka Anite disclosed this on Wednesday 10th January 2024 after a tour of sugar companies.
In a statement the Anite said the move is aimed at maintaining the price stability of the product, especially during the upcoming Ramadan period.
Meanwhile the holy month of Ramadan, a time dedicated to fasting and praying by Muslims around the world, is scheduled to commence from March 10 to April 9, 2024. Usually during this period, the price of sugar and other allied consumables increases exponentially due to the law of higher demand than supply.
Meantime, a market survey shows that a 50kg bag of sugar sells between N60,000 to N62,000, depending on the area of purchase.
“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.” He added.
It was gathered that the minister visited sugar producers such as Dangote Sugar Refinery Plc, BUA Sugar Refinery Ltd, Flour Mills Limited, Bestaf Ltd, and Golden Sugar Company.
While stating that the sugar refineries’ pledge is a clear demonstration of their alignment with the government’s efforts to bolster the agricultural sector for food security and pledged the full support of the government to the growth of the sector, the minister also revealed plans of collaboration with the Federal Ministry of Science, Technology, and Innovation to provide cutting-edge machinery and equipment to reduce importation and promote international standards.
Anite acknowledged the industry’s effort to meet the demand for sugar consumption in the country while stressing the need for continued excellence and efficiency in production.
Commenting on performance concerns during her visit to Golden Sugar Company, the Minister stressed that sub-par performance in the NSMP would not be acceptable.
“The sugar industry’s commitment to price stability during Ramadan exemplifies a synergistic relationship between the government and the private sector, working hand in hand to achieve common goals. This pledge by the sugar refineries, supported by the Federal Government’s resolve, is a reassuring step towards national development”.
Reports say that the visit served as a strategic platform for the Minister to communicate the government’s unflinching stance on promoting performance standards within the sugar industry.
