… ‘AfCTA won’t affect Masterplan’
BY VICTORIA ONU, ABUJA
THE implementation of the Africa Continental Free Trade Agreement will not affect the Federal Government Backward Integration Policy in the sugar sector.
The Executive Secretary of the National Sugar Development Council, Latif Busari, said this on Tuesday in Abuja during a chat with journalists.
Despite the objectives of the AfCTA to liberalise trade within the African continent, Busari said the Federal Government would not allow the importation of sugar into the country, as such move would negate the Backward Integration Strategy, as encapsulated under the Nigeria Sugar Masterplan.
He restated government’s readiness to build a globally competitive sugar industry, adding that the implementation of the ACFTA would not affect the plan of government for the sugar sector.
Busari, who was represented at the briefing by the Director, Policy, Planning, Research and Statistics, Hezekiah Kolawole, said the importation of sugar would not be included in ACFTA as it takes off in January next year.
He said based on the implementation of the pact, the Nigeria Sugar Masterplan had already been secured under the AfCTA.
He said, “The implementation of the Nigerian Sugar Masterplan has been classified in a section under the AfCFTA that will allow us to continue the implementation of these programme till the very end.
“So importation of sugar will not be included under the AfCFTA when it starts in January. And you know that there is the rule of origin principle under ACFTA that makes it difficult to import sugar from elsewhere and say you want to export it to another country.
“What you must export is something that you manufacture in your own country that you can export under this AfCFTA platform.
“The rule of origin will play out under the AFCTA platform. We don’t have any problems with regard to AfCFTA coming into operation in January because sugar industry is among those classified for 10 years allowance for the implementation of the policy to be effected and sugar will be locally produced in Nigeria.”
On the flooding that threatened over N60bn sugar investments in Niger State, he said the Council would continue to provide all the necessary policy support and regulatory assistance for the sector to thrive.
He said while no financial intervention had been made from the Sugar Council to those affected by the flooding, it had opened discussions with the Central Bank of Nigeria to enable the companies access development fund to ease their financial burden.
He urged investors to take advantage of the policy of government to invest in the sector.
According to the Nigeria Sugar Masterplan, a total investments of $3.1bn (N1.17trn) would be needed from the private sector to effectively implement the sugar policy.
He said, “The opportunity is there for more investors; we want more investors because the opportunity is there for us to take over the sugar market in Africa.
“The resources are there and we are making effort in that direction and soon, we will achieve that objective.”
