SUGAR: Nigeria incurs N229bn on importation

SUGAR: Nigeria incurs N229bn on importation
… Loses over 10,000 jobs

Nigeria may have expended the whopping sum of about N229 billion on importation of sugar over the years.
Nigeria’s sweet tooth for sugar imports may have cost over 10,000 jobs in the country.
These depressing statistics came from the Chairman, Senate Committee on Investment, Senator Esther Usman Nenadi, on Wednesday, during the lead debate on a Bill on Act to amend the National Sugar Development Council Act Cap N78 LFN 2011 and for other matters connected therewith.
The Senate was informed that, while Nigeria wasted almost N229 billion on importation of sugar, over 10,000 workers lost their jobs as result of the Federal Government’s policy of granting waivers to selected importers of raw sugar.

“The funds in the Sugar Levy Account is a dedicated fund for a specific purpose, but over the years monies have been withdrawn from the account for other purposes not related to sugar sector development.
“These amendments are required to ensure Council’s direct access to its funds and prevent the fund’s use for un-intended purposes,” Usman.

 

Copyright 2017 Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to www.shipsandports.com.ng as the source.