ANNOUNCED AS TEMPORARYNo
The Nigerian president, Mr Goodluck Jonathan, announced new measures with regard to the sugar industry in his 2013 Budget Speech.
The president stated that imported machinery and spare parts, to be used by local sugar producers, will be exempted from customs duties. He also declared that the 'sugarcane to sugar' value chain investors will be exempted from the payment of taxes for a period of 5 years. While the refined sugar import duty of 20 per cent will remain unchanged in 2013, a considerable increase of its levy from 10 to 60 per cent has also been announced.
The planned sugar industry-related state measures took effect on January 1, 2013, and can be retrieved here. They are part of the targeted policy of the government to meet 70 percent of Nigeria's sugar needs through local sources in the medium term.
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