Sugar Master Plan can save Nigeria up to $700 million as forex – Dangote – Nairametrics

[ad_1]

Aliko Dangote, Africa’s richest man and Chairman of Dangote Sugar Refinery says that the strict compliance of Nigeria’s sugar master plan can save the country up to $700 million annually in foreign exchange.

Dangote disclosed this in a statement on Monday during a facility tour by some businessmen. He added that proper backward integration is needed to follow the country’s sugar plan, creating jobs through local manufacturing, according to NAN.

What Dangote said

He said, “If the national sugar master plan is followed strictly and the players all follow the rules, the country will be better for it as Nigeria will save between $600 million and $700 million annually as foreign exchange.”

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. 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.

[ad_2]

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.