Sugar Master Plan can save Nigeria up to $700 million as forex – Dangote
According to Aliko Dangote, Chairman of Dangote Sugar Refinery and Africa’s richest man, rigorous adherence to Nigeria’s sugar master plan can save the country up to $700 million in foreign cash each year.
Dangote revealed this in a statement issued on Monday during a facilities tour by a group of businessmen. He went on to say that adequate backward integration is required to fulfill the country’s sugar plan, which includes producing jobs through local manufacturing.
He stated, “If the national sugar master plan is fully followed and all stakeholders obey the laws, the country would benefit because Nigeria will save between $600 million and $700 million in foreign cash annually.”
Dangote added that efforts were being made to impact positively on the host communities, citing investments made by his companies in that regard.
Dangote explained that the Corporate Social Responsibility projects undertaken by his companies were in addition to efforts by his Foundation, Aliko Dangote Foundation.
“The foundation was presently giving out micro-grants to vulnerable women in all the 774 local governments across the country,” he said.
Meanwhile, the General Manager for the Backward Integration Programme, Dangote Sugar, John Beverley, said when the factory becomes fully operational, it would have the capacity to crush 12,000 tons of cane per day, and that 90MW power would be generated for both the company’s use and host communities.
What you should know
Nairametrics reported last month that Dangote Sugar Refinery Plc concluded plans to invest the sum of $1 billion on expansion projects after the Central Bank of Nigeria (CBN) made the firm one of the 3 sole importers of the sweetener into the country. This is as the leading sugar company had put more than 100,000 hectares of land under cultivation to grow sugarcane for local sourcing of inputs.
The company declared revenue of N131.95 billion in the half-year period of 2021, reflecting a growth of 27.82% compared to N103.23 billion recorded in the same period of 2020.
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