Lagos: Dangote Sugar Refinery Plc (DSR) plans to make 700,000 metric tonnes of refined sugar from sugarcane grown locally in the next four years. Aliko Dangote, who chairs Dangote Sugar Refinery Plc, said this at the 18th Annual General Meeting (AGM) in Lagos. The Nigerian Exchange also shared the company’s first-quarter result for 2024, showing a 20.1% rise in revenue to N122.7 billion.
At the AGM, Dangote said DSR is sticking to the Nigerian government’s rules to boost its Backward Integration Project (BIP). He mentioned that making 700,000 metric tonnes of sugar would cover half the current market needs. Dangote also talked about a ten-year plan to produce 1.5 million MT of sugar yearly from local sugarcane.
He discussed plans for projects like DSR Numan Operations and Dangote Adamawa Sugar Limited. He also hoped for a solution to issues causing the stoppage of work at the Dangote Taraba Sugar Limited project.
Despite facing challenges, Dangote said they’ve put a lot more money into their Backward Integration Projects. He talked about expanding the DSR Numan factory and growing more sugarcane. He said they aim to have 24,200 hectares of land by 2029.
Dangote also mentioned problems like inflation and not having enough money or foreign currency for their projects. He said they’re working hard to get funds for the Nasarawa Sugar Company Limited project.
Dangote also talked about starting a new company in Ghana, called Dangote Sugar (Ghana) Limited. He said this shows they want to grow in Africa’s sugar industry.
Looking forward, Dangote said they’re committed to reaching the goals of the Sugar Backward Integration Master Plan. He said this would save foreign money and help the company and the country.
