…To invest $4.6 bn in sugar, rice, others in 3 years
By Prince Okafor
LAGOS— President and Chief Executive, Dangote Group, Mr. Aliko Dangote, has said his companies annual revenue for 2017 exceeded $4.1 billion.
He also disclosed that the group planned to investment $4.6 billion over the next three years in sugar, rice and dairy production alone.
Speaking during the Dangote Food Distributors Award night in Lagos, Dangote said: “In 2017, our annual revenues exceeded $4.1 billion. Our new projects include the world’s largest single train petroleum refinery, which is being built in Ibeju-Lekki in Lagos at the cost of $12 billion.
‘’This, we believe, will address Nigeria’s energy needs and eliminate importation of refined petroleum products.
“We will continue to launch massive agricultural projects across the country in rice and dairy farming. Our push for backward integration in providing our own raw materials on a massive scale has led to the planned investment of $4.6 billion over the next three years in sugar, rice and dairy production alone. That will eliminate the country’s reliance on imported materials, and the foreign exchange headaches that come with it.
“We developed a sugar backward integration project plan targeted at the production of 1.5MT/PA from various sites across Nigeria, in the next 10 years.
“To this end, we are acquiring about 150,000 hectares for sugar plantation in Adamawa, Taraba, Nasarawa, Kwara, Kogi and Niger states. We signed an MoU with Nasarawa State government recently, for the construction of an integrated sugar complex located at Tunga.
“We envisage that we will generate over 100,000 employment opportunities from all these sugar projects. In addition, we will establish integrated sugar mills within these locations, generate electricity, and produce animal feeds from bagasse and molasses.
“At Dangote Flour Mills, we have a three-point growth plan; focus on sustaining high product quality, improving customer engagement and strengthening supply chain capabilities. We introduced new improved pasta product called Excellente.”
Dangote further disclosed that the group was planning new investments in NASCON Allied Industries.