Dangote Group Invests $700m Into Sugar Production, Unveils Plan to End Importation
- Dangote Group has revealed that it invested over $700m into the sugar production subsidiary, to boost production
- This move will aid the food security programme of the government, and end sugar importation into Nigeria
- The group is also helping Nigeria improve its balance of trade, by driving up the export volumes in agriculture and petroleum sectors
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Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.
The Dangote Group has committed over $700 million to increase its sugar production activities and end sugar importation in Nigeria.
This sum was invested into land acquisitions, purchase of machinery and infrastructure, and securing manpower for its local sugar production activities.
Aliko Dangote, President of the Dangote Group disclosed this while speaking at the Dangote Special Day, at the 14th Gateway International Trade Fair in Abeokuta, Ogun state.
Source: UGC
Dangote, who was represented by the Regional Director, Lagos/Ogun states, Tunde Mabogunje, added that the huge investment has caused a significant impact on Nigeria's sugar sector.
Dangote implements backward integration
He stated that the company is investing heavily in the Backward Integration programme to create more jobs for Nigerians and support the government’s drive to improve food security, the SUN reports.
The Dangote Group's activities extend to agriculture and export financing, and he noted that the group has exported several shiploads of fertilizer and cement into countries like Zambia, the Republic of Benin, Côte d’Ivoire, Cameroon, South Africa, and Mozambique, and beyond the continent into USA, Argentina, Uruguay, and Mexico.
Recall that the Central Bank of Nigeria (CBN) listed Dangote Fertiliser Ltd among the top non-oil exports in Nigeria.
The Dangote Petroleum Refinery which commenced operations in 2024 has also started exporting refined petroleum products to other African countries including Cameroon, Angola, and Ghana.
This improves Nigeria’s balance of trade and strengthens Nigeria’s representation in regional trade.
Dangote noted that the trade fair would expand the brand awareness, and attract more buyers to the Dangote group.
“Our expectations, therefore, are that through this trade fair, we will be able to expand awareness for our innovative products, generate sales, attract prospective buyers, improve the image of our brands, and open new markets that will further translate to job creation and overall economic development.”
Dangote to stop petrol imports
In related news, Legit.ng reported that Dangote Petroleum Refinery has taken steps to end the importation of petroleum products into the country.
Dangote Refinery dragged the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Nigerian National Petroleum Corporation (NNPCL) and five petroleum marketers to court in a N100 billion suit, seeking to halt the issuance of petroleum import licenses.
Dangote also asked the court to revoke the already issued licenses to the petroleum marketers, but The marketers insisted in their response that the refinery alone could not produce sufficient petroleum products for the Nigerian market.
The Dangote Refinery insisted that it has shown a capacity to meet the country's fuel demands, and Nigeria also houses several other smaller refineries each with its own production capacity.
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Source: Legit.ng
