Nigeria spends N400bn on raw sugar import in four years
Temitayo Ayetoto is Businessamlive Reporter.
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Nigeria spent a total of N400 billion on the importation of raw sugar from 2013 to 2016, Abiodun Olasupo, chairman, House of Representatives ad-hoc committee investigating waiver to certain companies on sugar importation has said.
He lamented the huge volume of importation in spite of the waivers meant to enhance local production and ensure that 80 percent of materials were sourced locally by 2018.
“This is paid in dollars, encouraging the outflow of our hard earned foreign exchange. From the record at our disposal now, the three companies licensed to import raw sugar are in a deficit of about N322 billion as waivers with nothing on the ground.
The effort of the waiver is to have 70 percent production of sugar locally,” he stated.
Decrying the country’s lag at achieving 10 percent of the requirements on sugarcane production, he averred that boosting local production would create jobs and conserve foreign exchange.
Olasupo assured of the commitment of his committee members to actualise its mandate.