ISO: Declining Price Attracts N554bn Raw Sugar Import Into Nigeria

Nigerian bakers and diary manufacturers have taken delivery of N554 billion ($357.3 million) raw sugar from Brazil at Lagos Port, following the falling price of the commodity. Findings from the International Sugar Organisation (ISO) revealed that there has been higher than the expected output from Brazilian mills, contrary to the global market deficit projection for the year.

This week, data obtained from the Nigerian Ports Authority (NPA)’s Shipping Position revealed that 108,465 tonnes of the consignment would arrived in two ships at Lagos Port Complex in Apapa as price fell by 34 per cent from $510 to $339 per tonne.

It noted that the consignment would be offloaded by Lotus Spring with 56, 165 tonnes at the Apapa Bulk Terminal Limited (ABTL) and Iokatis GS laden with 52, 300 tonnes at Greenview Development Nigeria Limited (GDNL). Between February and June the country’s import has been fluctuating as $93 million worth of the consignment was delivered in June; May, $66.8 million: April, $85 million; March, $24 million and February, $88.5 million,and..  Read . .More —