Sugar prices will not be increased during Ramadan, manufacturers assure FG

Major sugar producers in Nigeria say prices of the commodity will remain at current levels during the Ramadan festivities.

In Islam, Ramadan is the ninth month of the Muslim calendar and the holy month of fasting. The event is slated to begin from March 11, 2024.

The manufacturers made the pledge when Doris Uzoka-Anite, minister of industry, trade, and investment, visited major sugar refineries during a four-day tour that commenced on Monday.

In a statement on Wednesday, signed by Tolu Moyan, the minister’s media aide, Uzoka-Anite said the pledge to not increase sugar prices was a “commendable alignment with the Federal Government’s agenda for food security and economic stability”.

She said the decision resonates strongly with the objectives of President Bola Tinubu’s eight-point agenda.

The minister said she observed a steadfast commitment to maintaining price stability during her visits to the Dangote Sugar Refinery Plc, BUA Sugar Refinery Ltd, Flour Mills Limited, Bestaf Ltd, Golden Sugar Company, and the Coca Cola Hellenic Bottling Company (CHBN).

Uzoka-Anite described the gesture as 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”.

“Rest assured, there will be no increase in sugar prices, especially during Ramadan,” she said.

“I have witnessed their dedication to high-quality sugar production. While commendable, our collective goal demands a higher standard.

“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.

“This pledge by the sugar refineries, supported by the Federal Government’s resolve, is a reassuring step towards national development.”

Addressing performance concerns during her visit to Golden Sugar Company, Uzoka-Anite stressed that subpar performance in the sugar master plan would not be acceptable.

According to the statement, the visit served as a strategic platform for the minister to communicate the government’s unwavering stance on elevating performance standards within the sugar industry, and “harmonising with the strategic goals embedded in President Tinubu’s 8-Point Agenda”.

The minister, had on January 9, 2023, said the federal government would introduce an incentives to attract more investment opportunities in the sugar sector.