Nigeria’s sugar import from Brazil hits N385bn despite CBN’s restriction

Despite the Central Bank of Nigeria’s decision to add sugar to the list of foreign exchange restrictions, Nigeria’s imports of sugar from Brazil have climbed to N385 billion ($592.18 million).

According to a report from Trade Data Monitor (TDM), Nigeria imported 965,000 metric tonnes of brown sugar from Brazil between January and June for a total value of N385 billion ($592.18 million). During that time, the price of a tonne increased from $397 to $443.
As 80 percent of the 1.75 million tonnes of sugar brought into the country were eaten in Oyo, Ogun, and Lagos States, the importation was 25,000 more than what the nation had purchased during the same period in 2021.

Brazil has consistently been the country that provides the majority of the raw sugar used in the nation’s sugar industry.

The data revealed that Nigeria imported 1.46 million tonnes of raw sugar from Brazil in 2021 and $730 million worth of the commodity in 2020.

Due to the high demand for the commodity, the Nigerian Ports Authority (NPA)’s shipping data showed that Greenview Development Nigeria Limited (GDNL) at Lagos Port would take delivery of 92,210 tonnes of sugar by next week from two vessels – Aquarius Honor (45,850 tonnes) and Genco Brittany (46,360 tonnes).

In May, Greenview Development Nigeria Limited (GDNL) took delivery of 187,000 tonnes from four vessels with Common Galaxy leading with 48,800 tonnes; Bonny Island, 47,200 tonnes; Chayanee Naree, 46,000 tonnes and Karteria Bluesrar, 45,000 tonnes.

The terminal took delivery of 91,600 tonnes when Unity Bluestar offloaded 47, 200 tonnes and Ecoatlantic, 44,400 tonnes in April.