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Business

FG bans importation of refined sugar, its derivatives from Free Trade Zones

The action of the Federal Government is part of its efforts to protect the sugar industry which is governed by the Nigerian Sugar Master Plan (NSMP).

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Sugar Surge in Nigeria

The Federal Government has banned the importation of refined sugar and its derivatives from the country’s Free Trade Zones (FTZs).

The action of the Federal Government is part of its efforts to protect the sugar industry which is governed by the Nigerian Sugar Master Plan (NSMP).

The ban is contained in a letter by the Nigerian Ports Authority (NPA), Lagos Port Complex, Apapa, Lagos to one of the terminal operators in the Lagos Port Complex as a result of a directive from the Federal Ministry of Industry, Trade and Investment.

According to a report from Thisday, the letter from NPA dated April 8, 2021, and titled ‘RE: Prohibition of Importation of Sugar from the Free Trade Zones into the Nigerian Customs Territory,’ was signed by Mr Buba Jubril for the Port Manager, Lagos Port Complex.

READ: CBN includes sugar, wheat on FX restriction list

What the NPA letter is saying

The letter from NPA to the terminal port operator states, “We have for reference a letter from Honourable Minister of Industry, Trade and Investment ref: HMIT1/GEN/ CORR/008/ VOL. I, dated February 15, 2021, on the above subject.

It has recently come to our notice that due to the recent location of a Sugar Refinery in a Free Trade Zone, Refined Sugar is being imported into the Nigerian Customs Territory under the concession granted to enterprises in the Free Trade Zones to export 100 per cent of their output to the Nigerian Customs Territory, and this is real potential threat to the goals of the Nigerian Sugar Master Plan (NSMP).

READ: Dangote set to earn N13 billion in dividend from his sugar business

The Nigeria Sugar Industry is governed by the Nigerian Sugar Master Plan (NSMP). The NSMP provides a framework for motivating investment in the local production of Refined Sugar by securing the Nigerian Sugar market for investors in the Backward Integration Program (BIP). It does this by providing import sugar allocations for Raw Sugar to recognised investors based on the performance on the BIP and guided recognition of their installed refining capacity.

Your Terminal is hereby informed by this letter that, in order to protect our national interest and ensure the returns in the Federal Government’s investment in the NSMP are realised, and in line with extant laws and regulations of the Federal Government of Nigeria, importation of Refined Sugar and all other sugar derivatives from the Free Trade Zones into the Nigerian Customs Territory is here prohibited by the Honourable Minister, Ministry of Industry, Trade and Investment.”

The letter also added that the terminal operator is expected to ensure strict compliance with the directive.

READ: AfCFTA to reduce illegal gold mining in Nigeria – Minister of Mines

In case you missed this

It can be recalled that on April 16, the CBN Governor, Godwin Emefiele, announced plans by the Federal Government to include sugar in its forex restriction list.

This is to help conserve the scarce foreign exchange and encourage Nigerian manufacturers to produce this item locally rather than import them.

Jaiz bank

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Business

FG declares Wednesday, Thursday public holidays

The Federal Government has declared Wednesday 12th and Thursday 13th May as public holidays to mark the 2021 Eid-ul-Fitr celebration.

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The Federal Government has declared Wednesday 12th and Thursday 13th May as public holidays to mark the 2021 Eid-ul-Fitr celebration.

This was disclosed in a social media statement issued by Dr. Shuaib Belgore, the Permanent Secretary of the Ministry of Interior, on behalf of the Minister, Ogbeni Rauf Aregbesola on Monday.

What the Minister said

The Minister of Interior, Ogbeni Rauf Aregbesola, while making the declaration on behalf of the FG today in Abuja, congratulated the Muslim faithful on this occasion and called on all Nigerians, at home and abroad to use the period of this year’s Eidul-Fitr celebration to pray for peace, stability and economic transformation in the land.

Aregbesola who believes that development cannot thrive in a rancorous atmosphere, urged all Nigerians to be law-abiding and embrace the spirit of love, self-discipline, kindness and tolerance, as taught by the Holy Prophet Mohammed (Peace Be Upon Him). He also called on all security agencies in the country to be more courageous and patriotic to surmount the ongoing battle against resurging insecurity and activities of criminal elements in Nigeria.

He assured that the resolve of the President Muhammadu Buhari-led administration to end the scourge of crime and criminality in the country and restore peace to every nook and cranny of Nigeria was sacrosanct.

“This administration will not be deterred in its efforts, until every Nigerian and resident of the country, is free to move around without fear of any threat to his/her life and property. We are therefore putting necessary measures and strategies in place to strengthen the stability of the country as well as ensuring economic prosperity of our dear nation,” he emphasised.

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Business

Insecurity: Police to investigate threats by IPOB, Oodua Republic agitators in Lagos

The Lagos State Police Commissioner has revealed that threats by IPOB and Oodua Republic have come under its intelligence radar.

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The Nigerian Police says it will investigate threats made by separatist groups including the Indigenous People of Biafra (IPOB) and agitators of Oodua Republic to attack soft targets in Lagos.

This was disclosed by Hakeem Odumosu, Commissioner of Police in Lagos State in a meeting to discuss insecurity in the state at Alausa in Ikeja, on Monday, according to a Vanguard report.

What the Police is saying about alleged IPOB and Oodua Republic threats in Lagos

“Our intelligence report revealed that, most miscreants now: Use abandoned buildings as hideouts and in most cases, initiation camp, use uncompleted buildings, dwelling house and hotels to hibernate before and after the commission of a crime,” the Police Chief said.

Furthermore, the threat of IPOB to attack soft targets in Lagos is equally being put on the radar of the command intelligence gathering and other security services in the state. Strategies are being put in place to neutralize their activities.

Similarly, the command has taken notice of agitators for the Oodua Republic by some Yoruba separatist groups and the threats to disrupt law and order in the state. 24 of these groups have been identified and are being closely monitored.

The command is using this medium to solicit for the support of all and sundry to be vigilant at all times and report any suspicious person or movement to security agencies. Let us adopt the slogan of “when you see something, say something,” he added.

What you should know

Today, the Lagos State Police Command said in a statement that: “Increase in robbery incidents were as a result of people migrating from troubled states down to Lagos. The government and relevant security agencies including RRS are doing their best in protecting members of the public.”

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