Nigeria To Import $680.55m Raw Sugar From Brazil

There are indications that Brazil would supply 80 per cent or 1.44million tonnes of raw sugar valued at N319.85billion ($680.55million) to Nigeria in 2021. Nigeria is currently battling with sugar production deficit of 1.81million tonnes valued at $850.7 million as global price surges to $407 per metric tonnes.
 
Brazil’s production has already increased by more than 44.2per cent to meet demand from Nigerian and other buyers. It was gathered that high sugar price in 2021 would further encourage producers to keep maximising production to supply the deficit in  global market.
 
The Federal Government had targeted 800,000 tonnes of raw sugar production by 2022 but had not met five per cent of the target as at December 2020. It was revealed that Nigeria had a deficit of 1.81million tonnes following massive smuggling through the porous borders…
 
More details through:
https://www.newtelegraphng.com/nigeria-to-import-n319-8bn-raw-sugar-from-brazil/
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