Nigeria imported N1.5trn raw sugar in six years

Published 2023년 5월 22일

Tridge summary

From 2017 to 2022, Nigeria's importation of raw sugar increased to N1.54tr, with 99.3% of the imports coming from Brazil. Despite the launch of the Nigerian Sugar Master Plan (NSMP) in 2013 to promote self-sufficiency through the Backward Integration Policy (BIP), Nigeria's reliance on imported sugar persisted due to a lack of sufficient domestic plantations. However, the government's approval of a N30bn infrastructure intervention and the extension of the BIP for an additional 10 years aim to foster self-sufficiency and create job opportunities.

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Original content

Nigeria’s importation of raw sugar rose to N1.54tr between 2017 and 2022, an analysis of quarterly reports of the country’s foreign trade reports released by the National Bureau of Statistics (NBS) has shown. The reports indicated that the country imported the commodity mostly from Brazil which accounted for 99.3 per cent of the product which is to the tune of by N1.53tr. Brazil is followed by Andorra with N5.7bn, France with N4.8bn, Switzerland N1.9bn and the United States of America N18,351 of the product. The analysis by yearly importation showed that the product was imported more in 2021 gobbling N425.5bn. This is followed by importation in 2022 amounting to N350.8 and in 2020. This is followed by N177.7bn of the product imported in 2017, N165.8bn in 2019 and N160.1bn in 2018. The Nigerian Sugar Master Plan (NSMP) was launched in 2013 as a harbinger to ensure sustainability of production in the country. With the country overly dependent on imported refined sugar, the ...

Source: Economicconfidential