Trade minister confirms refineries’ pledge of sugar price stability
During this Ramadan period, the price of sugar and some other consumables would skyrocket due to the law of higher demand than supply.
The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, says major sugar refineries across the nation have assured her of commitment to maintaining sugar price stability.
She said they assured that price of sugar would not be increased during the Ramadan period.
They gave the assurance via a statement on Tuesday in Lagos signed by Tolu Moyan, Special Assistant on Media to the Minister of Industry, Trade and Investment.
Supreme News reports that the holy month of Ramadan, a time dedicated to fasting and praying by Muslims around the world, is scheduled for March 10- April 9, 2024.
Usually, during the period, the price of sugar and some other consumables would skyrocket due to the law of higher demand than supply.
According to the statement, the minister visited leading sugar producers such as Dangote Sugar Refinery Plc, BUA Sugar Refinery Ltd., Flour Mills Ltd., Bestaf Ltd., Golden Sugar Company, and the Coca Cola Hellenic Bottling Company (CHBN).
Uzoka-Anite, observing a steadfast commitment to maintaining price stability by the refineries, said the gesture reflected their dedication to supporting the nation during this significant period.
She said the move was in a commendable alignment with the Federal Government’s agenda for food security and economic stability.
According to the minister, the decision resonates strongly with the objectives of President Bola Tinubu’s 8-Point Agenda.
“Rest assured, there will be no increase in sugar prices, especially during Ramadan.
“The sugar refineries’ pledge is 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.
“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.
“I have witnessed their dedication to high-quality sugar production and while that is commendable, our collective goal demands a higher standard,” Uzoka-Anite stated.
The minister also stressed that subpart performance in the sugar master plan would not be accepted.
She charged the refineries to not only maintain prices during Ramadan but also to enhance overall productivity and efficiency in line with Federal Government’s vision.