Thursday, December 9, 2021

Nigeria to save $700 million yearly from sugar master plan: Dangote

Mr Dangote said Nigeria would save between $600 million and $700 million annually as foreign exchange.

• September 20, 2021
Aliko Dangote
Aliko Dangote, President of the Dangote Group

Chairman, Dangote Sugar Refinery Plc, Aliko Dangote, says the national sugar master plan, when executed as designed, can save Nigeria foreign exchange of over $700 million yearly from the backward integration component.

A statement by the company said Mr Dangote disclosed this during a facility tour by some businessmen on Monday in Lagos.

He, however, warned that the scheme must be protected to insulate the country’s economy to achieve the twin objectives of local manufacturing and job creation.

“If the national sugar master plan is followed strictly and the players all follow the rules, the country will be better for it as Nigeria will save between $600 million and $700 million annually as foreign exchange,” he said.

Mr Dangote told the visitors that the Dangote Group was scaling up its social intervention in communities hosting its companies across the country.

He said efforts were being made to impact the host communities, as his companies had expended billions of naira in states where these investments were located.

He explained that the corporate social responsibility projects undertaken by his companies were in addition to efforts by his Aliko Dangote Foundation.

Mr Dangote said the foundation was presently giving out micro-grants to vulnerable women in all the 774 local governments across the country.

General Manager for the Backward Integration Programme, Dangote Sugar, John Beverley, said when the factory becomes operational, it would have the capacity to crush 12,000 tons of cane per day.

He said that 90MW power would be generated for both the company’s use and host communities.

More from Peoples Gazette

Abuja Electricity Distribution Company (AEDC) and United Bank of Africa (UBA)

Abuja

UBA takes over AEDC, to appoint interim manager

United Bank of Africa (UBA) has taken over Abuja Electricity Distribution Company (AEDC) over failure of its major shareholder to payback a loan.

President Muhammadu Buhari

States

I can’t handle evil confronting Nigeria alone: Buhari

President Muhammadu Buhari says the quantum of adversity his regime is confronting can only be surmounted with the assistance of all Nigerians.

Stock Market

Economy

Price rally spurs growth at stock market

Market breadth was positive with 20 stocks against 11 losers.

President Muhammadu Buhari and late Sylvester Oromoni Jnr

Rights

I’m as angry as other Nigerians about Sylvester Oromoni’s death: Buhari

“The President urges the Police to continue the ongoing investigation until they get to the root of the matter in order for the law to take its course.”

Former Chief of Air Force, Mohammed Dikko Umar

Anti-Corruption

I acquired N9.7 billion assets from my travel allowance, ex-Air Force chief Dikko Umar tells court

Mr Umar made his statement on Wednesday while fielding questions from the prosecution counsel, Sylvanus Tahir, at the Federal High Court, Abuja.

Abdullahi Attah

Economy

FCT-IRS rakes in N118 billion, targets more in 2022: Official

The FCT-IRS said it remitted N118 billion into the federal government coffers as of November.