Nigerian Raw Sugar Imports Gulp $1.61bn

Nigerian firms backed by Federal Government’s Backward Integrated Programme (BIP) have taken delivery of raw sugar valued at N580.8 billion ($1.61 billion) within one year.
 
Brazil accounted for 84.4 per cent or N351.4billion ($702.8 million) of the N417.1billion ($834.2 million) total raw sugar supply to the country in 2020.
 
This is coming after investment of N250 billion through Federal Government’s Backward Integration Programme (BIP) initiated in 2012 failed to yield expected fruits.
 
The Nigeria Sugar Master Plan (NSMP), which is a 10-year blueprint designed to revitalise the sector and make the country a net exporter of the commodity, has missed its target as Brazil increased sugar export to Nigeria by 65 per cent from $458.9 million in 2019 to $702.8 million in 2020…
 
More details through:
https://www.newtelegraphng.com/nigerian-raw-sugar-imports-gulp-n580-8bn/
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