BusinessNEWS

FG Moves To Stop Rising Sugar Price

The Ministry of Industry, Trade, and Investment of the Federal Government has initiated partnerships with major companies operating under the pioneer status of the National Sugar Master Plan in Nigeria.

This collaborative effort aims to address the escalating price of sugar by boosting local production capacity. Dr. Doris Uzoka Anite, the Minister of Industry, Trade, and Investment, revealed this after visiting various sugar companies.

She emphasized that this strategic move intends to stabilize sugar prices, particularly during the upcoming Ramadan period, known for heightened demand.

Waffi TV reports that the Ramadan period, observed by Muslims globally with fasting and prayers, is scheduled from March 10 to April 9, 2024. Traditionally, sugar prices surge significantly during this time due to increased demand. Presently, a market survey indicates that a 50kg bag of sugar is being sold for prices ranging from N60,000 to N62,000, varying by location.

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.”

The minister’s visits included stops at sugar producers like Dangote Sugar Refinery Plc, BUA Sugar Refinery Ltd, Flour Mills Limited, Bestaf Ltd, and Golden Sugar Company, as outlined in the statement.

Moreover, she highlighted that the commitment from these sugar refineries signifies their alignment with the government’s initiatives aimed at strengthening the agricultural sector to ensure food security. The government, in turn, pledged complete support for the sector’s growth.

Anita also disclosed plans for collaboration with the Federal Ministry of Science, Technology, and Innovation to supply advanced machinery and equipment. This initiative aims to reduce reliance on imports and elevate production standards to meet international benchmarks.

Recognizing the industry’s efforts to meet the country’s sugar consumption demands, she emphasized the importance of ongoing excellence and efficiency in production methods.

While visiting the Golden Sugar Company, the Minister emphasized that underperforming in the National Sugar Master Plan (NSMP) would not be tolerated, addressing concerns regarding performance.

…………

Note : To submit Press Releases, Statements, and Advert Inquiries for publication on Waffi blog (website) or Television 📺, please use the following contact details: You can send an email to info@waffitv.com or reach us via Whatsapp at 07068286500

Related posts

FAAC Shares N907.5bn To FG, States, LGAs

Waffi Tv

Akpabio Warns Nigerians Of Fake Senate Loan Scam

Waffi Tv

Oborevwori Urges Board Members To Advance Delta’s Progress

Waffi Tv

Leave a Comment