Nigeria spent $620 million dollars on the importation of raw sugar last year, the Executive Secretary of the National Sugar Development Council (NSDC), Dr Latif Busari, confirmed this in Abuja Nigeria Capital on Sunday.
He expressed regrets that those who imported the raw material did not pay levies on more than 99% per cent of the imports.
Do you know that Nigeria spends an average of $620 million dollars on sugar importation annually? and the amount is still rising going by the demand for sugar in the country.
“Right now we spend on the average, 500 million dollars in importing raw sugar; last year we spent actually about 620 million dollars importing raw sugar and going forward statically proven the figure is still going up higher.
“Because the demand for sugar according to our projection is going up higher. My question is this in all this going up what are we putting in place or what measures are we putting in place to start local production.
If Nigeria could save and use the money spent on sugar importation for economic development, that will be a wonderful development Government needs to encourages local investor to start production of sugar on full scale, the country will achieve self-sufficiency in that industry in no time and the chunk of Billions taken aways by ”oyibo men”. Foreign business men will be reversed back into our beloved nation. For example Imagine the waivers granted to importers of sugar by government runs in hundreds or millions, investing in this industry will create over 100,000 jobs for unemployed Nigerians. I strongly advice investors to invest in this industry.( See my next post on sugar cain farming and how lucrative it is) For further information email me email@example.com you can follow me on twitter as well @udeozo