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 collaborative terms to curtail the rising price of sugar and improve the capacity of local sugar production in Nigeria
This was disclosed by the Minister of Industry, Trade and Investment, Dr. Doris Uzoka Anite after a tour of sugar companies.
The minister in a statement on Wednesday said the move is to maintain the price stability of the product, especially during the upcoming Ramadan period.
Usually, during this period, the price of sugar and related consumables increases drastically due to the law of higher demand than supply.
Currently, a market survey shows that a 50kg bag of sugar sells between N60,000 to N62,000, depending on the area of purchase.
She said, “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.”
According to the statement, the minister visited sugar producers such as Dangote Sugar Refinery Plc, BUA Sugar Refinery Ltd, Flour Mills Limited, Bestaf Ltd, and Golden Sugar Company.
She further stated 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.
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Long overdue