FG moves To Stable Sugar Price

In view of the recent spike in the price of the commodity, the federal government has promised to keep sugar prices in check nationwide.

According to a statement released by the minister’s special assistant for media, Tolu Moyan, Dr. Doris Uzoka-Anite, the minister of industry, trade, and investment, made this commitment following a meeting with the top sugar growers.

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THE MATRIX had earlier stated that the price of a ton of sugar climbed 44.2% from N579,400 in July 2022 to N835,400 in July 2023. In a same vein, Dangote Sugar Plc raised its sugar’s net selling price by 33% in 2023.

The minister visited Dangote Sugar Refinery Plc, BUA Sugar Refinery Ltd., Flour Mills Ltd., Bestaf Ltd., Golden Sugar Company, and the Coca-Cola Hellenic Bottling Company (CHBN).

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Following the meeting with Uzoka-Anite, the sugar producers assured the minister of their commitment to maintaining sugar price stability in the country.

“Rest assured, there will be no increase in sugar prices, especially during Ramadan. The sugar refineries’ pledge is a clear demonstration of their alignment with the government’s efforts to bolster the agricultural sector and food security, key components of President Tinubu’s transformative agenda.

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“The sugar industry’s commitment to price stability during Ramadan exemplifies a synergistic relationship between the government and the private sector, working hand in hand to achieve common goals.

“I have witnessed their dedication to high-quality sugar production, and while that is commendable, our collective goal demands a higher standard,” Uzoka-Anite stated