Nigeria’s sugar industry is under-developed and despite some investment in recent years, large quantities are still imported. Annual demand is estimated at 3.5 million tonnes per annum but only 2.4 million tonnes is produced locally.
Under the common external tariff (CET) there is currently a 50% tariff on the importation of white sugar, and a 5% levy on imported raw sugar. This is to stimulate the refining of raw sugar in Nigeria.
Sugar cane is currently grown in several states in Nigeria. Investors can choose to either plant their own sugar cane or buy from the numerous small-scale farmers.
The Interest Drawback Program Fund provides a 60% repayment of interest paid by those who borrow from banks under the ACGS, for the purpose of cassava production and processing. To qualify for these repayments, borrowers need to repay their loans on schedule
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