Dangote Group Commits $700 Million to End Raw Sugar Importation in Nigeria, Boosts Export Drive
The Dangote Group has reaffirmed its commitment to ending raw sugar importation in Nigeria. At the ongoing 14th Gateway International Trade Fair in Abeokuta, Ogun State, the conglomerate’s President, Aliko Dangote, announced the acceleration of its Sugar Backward Integration Plan with a substantial investment of over $700 million.
The funds will be used to acquire land, purchase machinery, build infrastructure, hire personnel, and embark on community relations and corporate social responsibility initiatives. This significant investment is aimed at making Nigeria self-sufficient in sugar production, thereby ending the importation of raw sugar.
Dangote, speaking through his representative, Tunde Mabogunje, the Regional Director, Lagos/Ogun Dangote Cement, expressed his company’s determination to drive Nigeria’s economic diversification through the manufacturing sector. He stated that the conglomerate will continue to explore opportunities to replace imports, create jobs, and support economic growth.
Besides sugar production, the Dangote Group has recorded significant milestones in various sectors. The company has commenced the export of fertiliser to several countries, including France, the United States, Mexico, Uruguay, Argentina, and several African nations. Additionally, the Dangote Refinery has begun exporting refined petroleum products, while cement production investments across Nigeria and over 10 African countries have facilitated export financing.
Dangote’s optimism about the company’s prospects was evident in his statements at the trade fair, where he expressed his confidence that the event would enhance awareness of the company’s products, expand its market reach, and contribute to job creation and economic development.
In a show of appreciation, the Speaker of the Ogun State House of Assembly, Oludaisi Elemide, commended the Dangote Group for its economic interventions and urged the company to prioritize environmental sustainability efforts.
The Dangote Group’s commitment to ending raw sugar importation and driving export-led growth is a significant step towards achieving Nigeria’s economic diversification goals. As the conglomerate continues to expand its reach and influence across Africa, it is clear that its impact will be felt for years to come.
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