Chika Mbonu, an analyst on Arise TV’s business report, this morning took a quick drive into the current national conversation on local sugar production. The analyst took viewers through the key details of the plan while assessing the performance of all three stakeholders.
His conclusion is the passion and drives that Dangote Sugar displays towards its refining business must be replicated in expanding its sugar production business. While acknowledging that Dangote actually has an operational sugar mill in Adamawa, Chika felt it should be much bigger right now, given Dangote’s profile.
On BUA, He noted that there were gaps in the figures reported by BUA in its latest performance report and the satellite images obtained Arise TV. These satellite photos actually show that BUA has not cultivated more than 300 hectares of Sugar Cane compared to its claim of over 3,000 hectares. This is a major problem according to Chika because the BUA sugar milling plant is none existent, yet the company is enjoying billions in concessionary tariffs or. Essentially BUA sugar is cheating the Federal Government out of billions by importing and not producing anything locally.
From his analysis, Flour Mills was the one company that has actually done quite a lot of work out of the three. With over 70 billion spent on their own sugar plant which was commissioned by the President and verified by the Minister of Trade & Investment.
In closing, Chika encouraged Nigerian’s not the takes sides but to look beyond the surface at the real value for Nigeria