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 invest $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.
“This would boost efficiency and enhance better returns. We are producing edible salt in several packages. We are also choice producers of industrial salts and planning to venture into the production of vegetable oil and tomatoes.
“We are partners in creating value. We at Dangote strongly believe in the creation of value for all our stakeholders. We are in business because of you and we will always strive to ensure that you get the best from us. We commend you, our valuable distributors, for standing by us over the years. As soon as our new projects come on stream, the opportunity for priority distributorship will be available to you as reward for your loyalty. Thank you for your dedication and for being our support system.
“We are firm believers in the vast economic potential of Nigeria. This has informed our desire to invest massively in some states across the country. Our target is to ensure that Nigeria becomes self-sufficient in all the sectors where we play,” Dangote added.