Over u s 100 million spent annually on importation of sugar emefiele

A statement made by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele!

According to Emefiele, Nigeria spends over $100 million annually on the importation of sugar. This is a staggering amount, considering the country's goal to achieve self-sufficiency in sugar production.

In 2019, the CBN introduced a policy to ban the importation of sugar to promote local production and reduce the country's reliance on foreign sugar. The policy aimed to create jobs, stimulate economic growth, and improve food security.

However, despite the ban, sugar importation continues, and the CBN has been working to address the issue. In 2020, the bank introduced a sugar policy that aimed to increase local sugar production to 1.7 million metric tons by 2025.

The CBN has also been working with sugar producers and other stakeholders to improve the efficiency of sugar production and reduce costs. The bank has also provided funding and other forms of support to sugar producers to help them expand their operations and increase production.

Overall, the CBN's efforts aim to reduce Nigeria's reliance on sugar imports, promote local production, and create jobs and economic opportunities for Nigerians.