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The price of sugar in Nigeria increased by 103 per cent to N16.76 million per metric ton in the first quarter of 2024 on a year-on-year basis.
Recent data from the National Sugar Development Council, NSDC, showed that the average sugar prices surged from N16.76 MMT in Q1 2024 from N8.24 million per ton in the same quarter of 2023, indicating a 103 per cent increase.
This development comes as Nigeria imports 98 per cent of its sugar needs despite the country’s foreign exchange crisis.
Although globally, sugar prices are dropping in the international market, the situation in Nigeria is different.
“The drop in international sugar price quotations in May was mainly driven by the good start of the new harvest season in Brazil, which was bolstered by conducive weather conditions contributing to an improved global supply outlook,” the United Nations said in a recent report.
In terms of sugar consumption, the NSDC survey shows that personal sugar intake is less than 20 per cent, while industrial consumption by soft drinks, food and beverage sector, bakery and confectionery, and pharmaceutical industry is the largest.
The National Bureau of Statistics, NBS, in its May 2024 Consumer Price Index and Inflation Report said Nigeria’s headline and food inflation increased to 33.95 per cent and 40.66 per cent, respectively.
