Stakeholders in the sugar industry have estimated that Nigeria will need about $3.1bilion US to achieve self-sufficiency in the commodity.
At a round table in Abuja recently, the Executive Secretary of the Nigerian Sugar Development Council, Dr Latif Busari, said there is hope for the sugar industry in Nigeria.
He identified as a major challenge, fluctuation in prices of critical inputs in sugar cane production, owing to artificially created bottlenecks by the middlemen and profiteers in the distribution of such inputs as fertilisers, agro chemicals, water pumps and water delivery hoses, which most times go beyond the capacity of the farmers.
“Let me say now that our drive in the master plan is to first achieve 100 per cent self-sufficiency. When we do that we can then think about export. It is very important that we stop the huge drain on foreign exchange and in the process create large number of jobs for Nigeria through the implementation of the Sugar Master Plan. That is our priority now,” he said.
However with the current currency fluctuations and a Nigerian sugar industry that is still largely dependent on imported raw sugar, there are strong indications that sugar refiners within Nigeria are set to discontinue credit facilities to their customers.
This is expected to guard against any currency and transaction risks as well as prevent hedging. In a statement issued by the management of BUA Sugar Refinery (BSR), to its customers, whilst the official exchange rate had remained stable, significant currency and transaction risks still exists for customers who collect sugar on credit.
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