Nigeria has imported 965,000 metric tonnes of brown sugar valued at $592.18 million from Brazil between January and June 2022 as price moved from $397 to $443 per tonne in one month.
The importation is 25,000 higher than what the country purchased within the same period of 2021 as Oyo, Ogun and Lagos states consumed 80 per cent of the 1.75 million tonnes of sugar imported into the country.
Brazil has consistently been the main supplier of raw sugar, the main ingredient for sugar production in the country, and among the list of commodities on the foreign exchange restriction list of the Central Bank of Nigeria (CBN). Statistics from Trade Data Monitor (TDM) based on the Brazilian Foreign Trade explained that Nigeria imported 1.46 million tonnes raw sugar from Brazil in 2021 and $730 million worth of the commodity in 2020.
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