CBN to enlist sugar, wheat on FX restriction list

• Dangote’s $500m sugar plant to save $1bn, create 150,000 jobs
The proposed $500 million Dangote sugar processing plant in Awe, Nasarawa State is expected to meet one third of Nigeria’s consumption needs, save the country some $1 billion and create more than 150,000 jobs.

President, Dangote Group, Aliko Dangote, announced that they have acquired 60,000 hectares of land in Awe, Nasarawa State to grow “up to one third of Nigeria’s sugar consumption, which is almost a million tonnes”.

He said the initial investment for this project was about $480-500 million noting that the CBN will provide support to make it a reality.

Similarly, rhe Central Bank of Nigeria CBN has hinted at plans to include sugar and wheat on the list of commodities that will be banned accessing foreign exchange (FX).

CBN Governor Godwin Emefiele made this disclosure on Thursday in Awe, Nasarawa state when he went on an inspection tour of the proposed $500 million Dangote sugar processing facility.

His words, “we are looking at sugar and wheat. We started a programme on milk about two years ago, eventually, these products will go into our FX restriction list..

“Hopefully, within the next two years, we will provide that support. That is our interest here to reduce reliance on importation” he said.

CBN’s decision to include sugar and wheat on the FX restriction list he said is because “we spend $600m to $1 billion importing sugar into the country annually”.

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