In a strategic move to counter the escalating prices of sugar, the Federal Government, through the Ministry of Industry, Trade and Investment, is partnering with key companies operating under the pioneer status of the National Sugar Master Plan.
Revealing this development, Minister of Industry, Trade and Investment, Dr. Doris Uzoka Anite, shared insights after touring various sugar companies. The minister emphasized the importance of this initiative in maintaining price stability, especially in anticipation of the upcoming Ramadan period.
Scheduled from March 10 to April 9, 2024, Ramadan is a holy month observed by Muslims worldwide, characterized by fasting and prayer. Historically, during this period, the demand for sugar and related consumables surges, causing a significant spike in prices.
Market surveys currently indicate that a 50kg bag of sugar is priced between N60,000 to N62,000, depending on the location of purchase. Minister Anite remarked, “The issue of sugar pricing is crucial as it impacts nearly every household in Nigeria.
Today, I witnessed firsthand the innovation and commitment to quality within the industry. We are resolute in ensuring stable sugar prices, especially crucial during Ramadan, and advancing towards building a sustainable and flourishing sugar industry.”
During her visit to sugar producers like Dangote Sugar Refinery Plc, BUA Sugar Refinery Ltd, Flour Mills Limited, Bestaf Ltd, and Golden Sugar Company, Minister Anite expressed appreciation for their dedication and commitment to quality sugar production. The companies’ collaboration underlines their alignment with government efforts to fortify the agricultural sector for food security.
Furthermore, Minister Anite announced plans for collaboration with the Federal Ministry of Science, Technology, and Innovation to provide cutting-edge machinery and equipment. This collaboration aims to reduce importation, promote international standards, and enhance the overall efficiency of the sugar production process.
Acknowledging the industry’s efforts to meet the growing demand for sugar consumption in the country, Minister Anite stressed the need for continuous excellence and efficiency in production. During her visit to Golden Sugar Company, she emphasized that sub-par performance in the National Sugar Master Plan (NSMP) would not be tolerated.
Minister Anite concluded by highlighting the sugar industry’s commitment to price stability during Ramadan as a testament to the synergistic relationship between the government and the private sector. This collaborative pledge, supported by the Federal Government’s resolve, signifies a positive step towards national development.
