FG Moves to Engage Dangote, BUA, Other Manufacturers to Crash the Price of Sugar
- The federal government of Nigeria is planning to crash the price of sugar in the country
- The Minister of Trade and Investment, Doris Uzoka, said she had engaged manufacturers to cut down the cost of the commodity
- A survey shows that a 50 kg bag of sugar sells for between N60,000 and N62,000.
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Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
The Nigerian government has begun efforts to reduce the country's rising sugar prices and improve local producers' capacity.
Doris Uzoka, the Minister of Trade and Investment, disclosed this on Wednesday, January 10, 2023, after touring sugar companies in Nigeria.
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Minister engages top companies to reduce sugar price
The minister said that she had engaged major firms under the pioneer status of the National Sugar Master Plan in partnership efforts to reduce the commodity's price.
She said in a statement that the move was targeted at keeping the product's price affordable during Ramadan.
According to reports, a 50 kg bag of sugar sells for between N60,000 and N62,000.
The trade minister 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, and forge ahead in creating a sustainable and flourishing sugar industry for all."
She said she visited sugar producers such as Dangote Sugar Refinery, BUA Sugar Refinery, Flour Mills Limited Bestaf, and Golden Sugar Company.
BUA Food increases prices of sugar, and spaghetti after slashing cement price to N3,500
Legit.ng reported that The BUA Group has raised the prices of spaghetti, sugar, and wheat less than two weeks after declaring a decrease in cement price to the ex-factory price of N3,500 per bag.
Although the company announced a price reduction in cement, consumers have not yet noticed it because the product is still being sold at the previous prices.
However, investigations revealed that the food division of the manufacturing group recently raised the prices of its sugar, flour, and pasta products in the market.
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Source: Legit.ng
