Dangote invests $700m in sugar manufacturing

The President of Dangote Group, Aliko Dangote, has reaffirmed the conglomerate’s dedication to ending uncooked sugar importation in Nigeria with an funding exceeding $700m in sugar manufacturing.

Dangote, who spoke on Wednesday throughout the ‘Dangote Particular Day’ on the ongoing 14th Gateway Worldwide Commerce Honest in Abeokuta, Ogun State, stated the group is accelerating its Sugar Backward Integration Plan to spice up native manufacturing.

Represented by the Regional Director, Lagos/Ogun Dangote Cement, Tunde Mabogunje, he stated, “We’re actively executing the Sugar Backward Integration technique and have dedicated over $700m to land acquisition, equipment, infrastructure, manpower, neighborhood relations, and company social accountability initiatives to make sure Nigeria ends uncooked sugar importation.”

Dangote additional disclosed that the group has commenced the export of fertiliser to international locations together with France, the USA, Mexico, Uruguay, Argentina, and a number of other African nations akin to Benin Republic, Zambia, and Cameroon.

He added that the Dangote Refinery has additionally begun exporting refined petroleum merchandise, whereas its cement manufacturing investments throughout Nigeria and over 10 African international locations have facilitated export financing.

“As a conglomerate driving Nigeria’s financial diversification, we’ll proceed to discover alternatives within the manufacturing sector to interchange imports, create jobs, and assist financial progress,” he acknowledged.

Dangote expressed optimism that the commerce truthful would improve consciousness of the corporate’s merchandise, broaden its market attain, and contribute to job creation and financial growth.

He added, “We’re assured that this longstanding partnership with OGUNCCIMA is not going to solely profit our companies but additionally contribute to the broader financial growth of Nigeria and Africa.”

The Speaker of the Ogun State Home of Meeting, Oludaisi Elemide, recommended Dangote Group for its varied financial interventions and urged the corporate to enhance its environmental sustainability efforts.