A total of N400 billion was spent on importation of raw sugar from 2013 to 2016 in Nigeria, Chairman, House of Representatives Ad hoc Committee investigating the waiver given to certain companies on sugar importation from 2013 to 2016, Abiodun Olasupo has said.

He lamented the huge importation of raw sugar in spite of the waivers meant to enhance local production and ensure that 80 per cent of materials were sourced locally by 2018.

“This is paid in dollars, encouraging the outflow of our hard earned foreign exchange. From the record at our disposal now, the three companies licensed to import raw sugar are in a deficit of about N322 billion as waivers with nothing on ground. The effort of the waiver is to have 70 per cent production of sugar locally,” he stated.

Lamenting the negative impacts of the situation on the economy, he stated that boosting local production would create jobs and conserve foreign exchange.

He decried a situation where Nigeria had not achieved 10 per cent of the requirements on sugarcane production.

Olasupo assured of the commitment of his committee members to actualise their mandate.

Customs confiscates rice, vegetable oil, others worth N2.55bn

The Federal Operations Unit (FOU) Zone ‘A’ of the Nigerian Customs Service (NSC) has confiscated many smuggled goods with Duty Paid Value (DPV) of N2.55 billion between March 1 and March 19.

The Area Controller of the Unit, Muhammed Uba, disclosed, Tuesday that the seized goods included 7,201 bags of foreign parboiled rice, 1,172 cartons of frozen poultry products, 1,352 jerry cans of vegetable oil, 72 bales of used clothing and 46 pieces of used tyres.

Also noteworthy is that fact that among the seizures, is the interception of 3,352 bags of rice and 669 jerry cans of vegetable oil confiscated along Iseyin, Oyo/Osun axis.

‘‘The evacuation of 1,235 bags of rice from a warehouse in Ogbomosho based on credible intelligence despite resistance,’’ he said.

Mr. Uba noted that it was imperative to recall that the ban placed on importation of foreign rice through land borders was to encourage efficiency in local production.

The Area controller informed that 3,351 bags of parboiled rice were smuggled by a truck carrying beer, adding that Customs intercepted six of the seized vehicles along Lekki-Epe Expressway, and the remaining 10 at various locations within the unit’s jurisdiction.

Adesina calls for Japanese investments in Africa’s agric sector

President of the African Development Bank, Akinwumi Adesina, has called for Japanese investment in the agribusiness sector in Africa.

Adesina who made the call at the 2018 Tokyo Nobel Prize Dialogue on The Future of Food in Yokohama, commended the Japanese Government for its support to the Bank’s several initiatives and its multi-billion dollar economic transformation partnership with Africa.

He said that Japanese support had been felt in the private sector, energy and infrastructure development.

He further stressed the importance of the Bank’s Transformation of the African Savannah Initiative (TASI) and Technologies for African Agricultural Transformation (TAAT) programme towards scaling up agricultural technologies for millions of farmers and reducing Africa’s widening and expensive net food trade deficit.

Adesina highlighted the importance of good nutrition, especially for young mothers and babies.

“Stunted children today mean stunted economies tomorrow”, he said.

He also spoke on the forthcoming Africa Investment Forum (AIF).

“The Africa Investment Forum (AIF), scheduled for November 7-9, 2018 in Johannesburg, South Africa, is an ideal platform for this new approach to funding projects in Africa. Through the Africa Investment Forum, the bank and other partner multilateral development banks will create a platform for bankable projects, investment financing, and opportunities for growing infrastructure investment across Africa.

“The Africa Investment Forum is a 100% totally transactional platform, where deals will be concretised and executed. I expect the platform to become Africa’s premier investment marketplace,” he stated.

Adesina’s visit to Japan also featured meetings with top officials, including Deputy Prime Minister Taro Aso, Vice Minister of Finance for International Affairs, Masatsugu Asakawa, key Government Ministers, and stakeholders, to consider issues of mutual concern..