Dangote Sugar Refinery Plc has announced that it plans to spend $1bn on expansion after the Central Bank of Nigeria made the firm one of the three sole importers of the sweetener into the country.
Bloomberg reported that the company’s Chief Executive Officer, Ravindra Singhvi, said during an investor conference call on Thursday that Dangote Sugar had put more than a hundred thousand hectares of land under cultivation to grow sugarcane for local sourcing of inputs.
Singhvi was quoted as saying, “The plantations in Adamawa and Nasarawa will be ready by 2023 while work to almost double the capacity of a sugar factory in Adamawa to 6,000 tonnes cane-crushing-per-day is ongoing.”
The firm plans to raise capacity to 1.5 million to 2.0 million tonnes of refined sugar annually by 2024, from 403,846 tonnes as of June. The sugarcane plantations will enable Dangote Sugar to source inputs locally, boost its production and increase sales as Nigeria aims to end importation of sugar to conserve foreign exchange.
The CBN had said earlier in April that it would cut forex supply for wheat and sugar imports but last month allowed only Dangote Sugar and two other companies to import the product. The bank said that the companies had made some progress in local sourcing of raw materials, hence the allowance.
BridgeAfrique Magazine is published by our Company, BridgeAfrique Publishing Company Limited, an outfit that is incorporated in China and HKG with regional offices all over Africa, USA, UK, Netherlands, Japan, Manila, CEBU-Philippines, Australia, Indonesia, Dubai, and Qatar. The number of copies produced and circulated quarterly ranges between 30-50,000 while we encourage more productions (Hard copies) anytime the need arises from any of our regional offices. We are currently in official Partnership with your Esteemed Airline Ethiopia Airlines, TED Training Experts Worldwide, African Chamber of Commerce (AFCHAM), African Business Chamber (ABC), Black Chamber of Commerce (BCC) and Afriscaper owned by Messrs Omololu Consulting, ADRON Homes and Properties Worldwide, Diaspora Associations, Asia and beyond, KAM HOLDING, REJOG4, BRAEPIC, MD Entertainment Limited among others so our production number is expected to quadruple from the Next Edition that will be translated into English, Chinese and French, hence, 3-in-1! The Main Country of focus for the next edition is the Benin Republic but we shall touch other countries with a special Supplement for Ethiopia Airline Group: The All-time Africa’s best.