Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Manufacturing

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

William UkpebyWilliam Ukpe
1 year ago
in Manufacturing, Spotlight
Aliko Dangote and his slide from $25 billion to $7 billion
Share on FacebookShare on TwitterShare on Linkedin

Aliko Dangote, Africa’s richest man and Chairman of Dangote Sugar Refinery says that the strict compliance to 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.

READ: CBN includes sugar, wheat on FX restriction list

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.

READ: Dangote Sugar grows 2021 half-year revenue by N29 billion

“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.

READ: CBN says only Dangote, BUA, Golden sugar can import sugar into Nigeria

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.

Related

Tags: Aliko DangoteDangote Sugar refinerySugar Master Plan

Comments 2

  1. Ibrahim Suleiman says:
    September 21, 2021 at 3:39 pm

    We pray for the transparency and trustworthy people to handle the plan and execute it, for better Nigeria.

    Reply
  2. Ismail haruna says:
    November 29, 2021 at 5:18 am

    I have apply for this loan since 27 may 2020 but nothin i achieve some have got the loan while we are not and all we are equal please be honest if i will have this loan my business will upgrade thanks

    Reply

Leave a Reply Cancel reply

HFM
Mega Millions
Mega Millions
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • International Organization of Securities Commissions revises its 2011 principles 
  • NBS says Nigeria’s public debt has risen to N44.06 trillion
  • Nigeria’s automotive industry records $1 billion investment in 2022 -FG

Follow us on social media:

Recent News

International Organization of Securities Commissions revises its 2011 principles 

January 31, 2023
NBS says Nigeria’s public debt has risen to N44.06 trillion

NBS says Nigeria’s public debt has risen to N44.06 trillion

January 31, 2023
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Lifestyle
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds

© 2023 Nairametrics