As the price of sugar fell by 21.6 percent since April 2020, Nigeria is among the six top countries that had placed orders for raw sugar from Brazil. The price of the commodity fell from $277.37 per tonne to $217.53 per tonne.
It was learnt that the country is expected to import 1.87 million tonnes valued at N162.7billion ($406.78million) out of the 30 million tonnes Brazil is rolling out for export this year. Currently, Nigeria’s projected demand for sugar has reached 1.7 million metric tonnes this year.
It was gathered that vessels had increased 50 percent since the expiration of the May raw sugar contract as the number of ships climbed to 35 for handling 1.6 million metric tonnes of sugar to countries such as Iraq, Bangladesh, Yemen, Morocco, and China…
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